Oil opens the year in the green, driven by hopes for demand

Around 12:55 GMT (1:55 p.m. CET), the price of a barrel of Brent BRENT Brent, or North Sea crude, is a variation of crude oil serving as a benchmark in Europe, listed on the InterContinentalExchange (ICE), a stock exchange specializing in energy trading. It became the first international standard for setting oil prices. from the North Sea, for delivery in March, rises from 1,41% has 75,69 dollars.

Its American equivalent, the barrel of West Texas Intermediate, for delivery in February, takes 1,44% has 72,75 dollars.

Already up slightly during the end-of-year holiday period, black gold continues to progress in 2025, “amid increased energy demand in the United States and further economic stimulus measures expected in China“, says Susannah Streeter, analyst at Hargreaves Lansdown.

US oil production increased significantly in October, 13.46 million barrels per day, “as offshore production rebounded from hurricane-related shutdowns, and in line with expectations“, underline DNB analysts, referring to data from the American Energy Information Agency (EIA) published Tuesday.

But at the same time, US demand in October also exploded, reaching its highest level since August 2019, at 21.01 million barrels per day, “significantly above expectations“, emphasize the DNB experts.

Furthermore, the questions that arise “on the timing and magnitude of this year’s increase in OPEC+ production levels“, the Organization of the Petroleum Exporting Countries and its allies, constitute “a significant point of uncertainty“, temper the analysts at Energi Danmark.

The price of European gas continues to evolve around 50 euros the megawatt hour, after deliveries of Russian gas to Europe via Ukraine definitively ceased on Wednesday, following the expiration of a contract signed between the two parties at the end of 2019 and maintained until then despite the invasion of the country by Russia.

The end of Russian gas transit to Europe via Ukraine is “one of Moscow’s greatest defeats“, welcomed Wednesday Ukrainian President Volodymyr Zelensky, denouncing “cynical energy blackmail” from Moscow, despite the concern of several Eastern European countries.

The Dutch TTF futures contract, considered the European benchmark for natural gas, barely fell by 0,33% has 50,36 euros megawatt hour (MWh).

(c) AFP

Commenter Oil opens the year in the green, driven by hopes for demand