Rally for gas on Thursday, with the February delivery contract adding 46.5% to its last trading day, while oil prices interrupted their two-day uptrend and fell from a 7-year high.
The gas contract closed at $ 6,265 per 1 million British thermal units, gaining $ 1.99 or 46.5% on the New York Mercantile Exchange, according to the Dow Jones Market Data.
This was the largest percentage increase on a daily basis since October. The gas spill had a 219 billion cp weekly drop in U.S. fuel inventories, the Energy Information Administration said on Thursday, with inventories down 10 percent from last year. Tyler Richey, co-editor of Sevens Report Research.
Meanwhile, oil futures fell after two uptrends and moved away from the 7-year high recorded on Wednesday.
The traders continued to weigh the tension between Russia and Ukraine and the possibility of disturbances in the supply of crude, in a possible attack by Moscow against Kiev. The announcement of the Russian government how there is room to continue the dialogue with the US on the Ukraine issue was encouraging, but concerns remain as the Kremlin has made clear that its key demands have not been taken into account by Washington.
“The market is very volatile following developments in Ukraine,” said Phil Flynn, an analyst at Price Futures Group. “There is uncertainty about what is going to happen in the area.”
In addition, the dollar jumped 1.3% on Friday, according to the ICE US Dollar index, reaching its highest level since July 2020, in the wake of US GDP data, which in October-December grew at an annual rate of 6 , 9%.
Economists in a Dow Jones poll expected lower growth, at 5.5%. However, the US economy grew faster than expected in the fourth quarter, as consumer spending rose and businesses had stocks to meet demand.
In this climate, the West Texas Intermediate March delivery fell 74 cents, or 0.9 percent, to $ 86.61 a barrel.
The. Moved at similar rhythms Brent oil, with the April delivery contract losing 0.92% or 82 cents at $ 87.94 a barrel.
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
