Crude oil saw gains yesterday, December 13, but that seems to be coming off after the Organization of the Petroleum Exporting Countries (OPEC) statement where they have risen the world oil demand forecast for the first quarter but they also said that they are expecting a surplus in the first quarter as well. And there are concerns about the Omicron, a COVID variant.
It is going to be the US Fed meeting which the markets will be watching out for.
In the meanwhile, natural gas prices continue to slip as well. It is becoming a divergent market because the US natural gas prices are higher, but the United Kingdom (UK) and the European Union natural gas prices are still trading near record highs.
There is tension at Russia and Ukraine border. The supply outages in Norway are a couple of factors that continue to support the natural gas prices in the market strength.
Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.