Crude oil, Gas prices today
London, August 08, 2024, (Oilandgaspress) ––Gas prices in Europe have soared to their highest level this year following reports that Ukrainian forces have allegedly seized a key gas transit point in Russia’s Kursk region, according to Bloomberg.
Benchmark futures surged 4.8% to €38.45 a megawatt-hour, the highest level since December.
JPMorgan analysts reportedly projected Brent crude will be “close to $90 by September 2024,” flagging the strength of global demand.
For 2025, the firm predicts prices will fall to $63 per barrel by September 2025 amid rising global supply.
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $74.86 | Up |
| Crude Oil (Brent) | USD/bbl | $77.88 | Down |
| Bonny Light 07/08/24 | USD/bbl | $79.45 | Up |
| Saharan Blend | USD/bbl | $85.61 | — |
| Natural Gas | USD/MMBtu | $2.08 | Down |
| Murban Crude | USD/bbl | $76.76 | Down |
| OPEC basket 07/08/24 | USD/bbl | $76.65 | Up |
WTI price jump was reportedly triggered by the release of US oil inventory data by the Energy Information Administration (EIA), which showed that commercial crude stockpiles fell by 3.7 million barrels to 429.3 million barrels for the week ending 2 August. This drawdown was significantly higher than analysts’ forecasts of a 1.6 million barrel reduction, marking the sixth consecutive weekly decline.
