U.S. spot power and natural gas prices soared on Thursday to their highest a year or more in several parts of the country as consumers cranked up air conditioners to escape an early spring heatwave.
- At least eight people were hurt in a blast at S-Oil Corp's Onsan refinery in Ulsan, South Korea on Thursday, the Yonhap news agency reported https://en.yna.co.kr/view/AEN20220519011051320?section=news. S-Oil is the country's third-largest refiner and its main shareholder is Saudi Aramco.
-U.S. spot power and natural gas prices soared on Thursday to their highest a year or more in several parts of the country as consumers cranked up air conditioners to escape an early spring heatwave.
After hitting seven-week highs, oil prices slumped 2% on Tuesday as Reuters reported that the United States could ease some restrictions on Venezuela's government, raising hopes that the market could see some additional supplies. Prices also fell after Federal Reserve Chairman Jerome Powell warned the economy could be hurt by attempts to reduce inflation.
Oil prices rebounded from two days of losses in a volatile session on Thursday, bolstered by weakness in the dollar and expectations that China could ease some lockdown restrictions that could boost demand. Crude benchmarks continued their spate of wild swings, with both Brent and U.S. crude rising by nearly $5 a barrel in the span of a few hours, recovering from losses earlier in the week.
Oil prices fell 2.5% on Wednesday, reversing early gains as traders grew less worried about a supply crunch after government data showed U.S. refiners ramped up output, and as crude futures followed Wall Street lower. Brent crude futures for July settled down $2.82, or 2.5%, at $109.11 a barrel.
- The war in Ukraine and drought fuelled by climate change has sent global prices for grains, cooking oils, fuel and fertilizer soaring. Rising prices for basic food staples is fuelling protests from Indonesia to Iran. European wheat prices have jumped 74% and benchmark palm oil futures went up 24% since January.
Fujairah Oil Industry Zone on Wednesday published the following inventory
data for oil products for the week ended May 16, according to industry information service S&P
Global Commodity Insights.
Oil prices fell 2.5% on Wednesday, reversing early gains as traders grew less worried about a supply crunch after government data showed U.S. refiners ramped up output, and as crude futures followed Wall Street lower. Brent crude settled down $2.82, or 2.5%, at $109.11 a barrel.
Oil prices rose more than $1 a barrel in early Asian trade on Wednesday on hopes of demand recovery in China as the country gradually eases some of its strict COVID-19 containment measures.
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