Oil prices climb on Thursday, driven by the prospect of economic stimulus measures in China favorable to demand and vigorous consumption in the United States, on this first trading day of the year. Around 12:55 GMT (1:55 p.m. in Paris), the price of a barrel of Brent from the North Sea, for delivery in March, rose 1.41% to $75.69. Its American equivalent, a barrel of West Texas Intermediate, for delivery in February, rose 1.44% to $72.75. 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”explains Susannah Streeter, analyst at Hargreaves Lansdown.
US oil production increased significantly in October, to 13.46 million barrels per day, “offshore production rebounding from hurricane shutdowns, 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”underline the DNB experts. Furthermore, the questions that arise “as to the timing and extent 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 fluctuate around 50 euros per 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 parts at the end of 2019 and maintained until then despite Russia's invasion of the country. The end of Russian gas transit to Europe via Ukraine is “one of Moscow’s greatest defeats”welcomed Ukrainian President Volodymyr Zelensky on Wednesday, 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, fell barely 0.33% to 50.36 euros per megawatt hour (MWh).
