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Crude Oil Inventories Fall Less Than Expected, Impacting Oil Prices

In a closely watched report, the Energy Information Administration (EIA) released its latest data on U.S. crude oil inventories, revealing a decline that was less substantial than anticipated.

  • U.S. Energy Information Administration reports smaller-than-expected crude oil inventory decline.
  • Inventory decrease of -1.892 million barrels, far below forecasted drop of 0.100 million barrels.
  • Smaller inventory reduction suggests weaker demand, potentially impacting oil prices downward.

The Commodities Feed: European gas tops €100 as supply fears grow

European natural gas prices rallied further yesterday, with TTF settling 4.85% higher. Prices broke above EUR100/MWh for the first time since 2022.

  • European gas prices exceed €100/MWh for first time since 2022
  • QatarEnergy extends force majeure until year-end, risking LNG supply disruptions
  • EU gas storage near 75% full, colder-than-usual weather forecast raises heating demand

Copper Retreats From Two-Week Highs

Copper futures fell to around $6.60 per pound on Thursday, ending a four-session winning streak as traders took profits following recent gains.

  • Copper prices fell to $6.60 per pound after four days of gains
  • Alphabet and Samsung's weak earnings reignited investment doubts
  • Yangshan copper premium hit 10-year high at $205 per ton

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