Oil prices remain under pressure on Tuesday morning, even as Israel moved troops into Rafah and Saudi Arabia showed signs of extending the OPEC cuts.
Oil prices remained under pressure on Tuesday morning, but Israel 's decision to send troops into Rafah and Saudi Arabia 's aggressive pricing of its June cargos should help to stop oil prices from falling. - International organizations are increasingly sounding the tocsin on shrinking crude inventories, with the IEA indicating Q2 2024 would see demand surpass supply by a whopping 900,000 b/d, the first two consecutive negative quarters since late 2021.
As India’s Modi government targets 9 million b/d of refining capacity by 2030, refiners are running into time overruns with Chennai Petroleum delaying the launch of its 180,000 b/d Nagapattinam refinery by the end of 2027.US Natgas Prices Bounce Back from Slump. US natural gas Henry Hub futures strengthened 3% on Monday to $2.2 per mmBtu amidst a higher domestic pull on feedgas to LNG export plants, as Trains 1 and 2 of Freeport LNG in Texas returned from inspection and repairs.
Oil Prices Geopolitics Saudi Arabia Israel Rafah Supply Demand
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