International oil prices hit their highest level this month in thin holiday trading on Tuesday (26th) as U.S. traders returned to the market after the Christmas holiday and continued to weigh the possibility of more serious disruptions in crude oil supply caused by Houthi rebel attacks on Red Sea ships. possibility.
energy commodity prices
- West Texas Intermediate crude oil futures for February delivery rose $2.01, or 2.7%, to settle at $75.57 a barrel, the highest closing price since November 30.
- Delivered in FebruaryBrent crude oil (Brent) futures prices rose $2, or 2.5%, to $81.07 a barrel, the highest closing price since November 30.
- Gasoline futures for January delivery rose 2.82 cents, or 1.3%, to settle at $2.1583 a gallon.
- Delivered in JanuaryThermal Fuel FuturesPrices rose less than 1 cent, or 0.3%, to settle at $2.6688 per gallon.
- Natural gas futures for January delivery fell 6 cents, or 2.3%, to settle at $2.5500 per million Btu.
market drivers
Oil trading was volatile as U.S. market participants returned from holidays, but trading was light as many European markets remained closed on Tuesday.
The Houthi rebels, who are backed by Iran, claimed to have launched a missile attack on a Mediterranean Shipping Company container ship in the Red Sea on Tuesday and attempted to use drones to attack Israel.
A week ago, the United States announced the launch of an international naval operation to deter Houthi rebel attacks on commercial shipping in the Red Sea.
Maersk Line said on Sunday it would allow ships to resume sailing in the Red Sea as the United States launched an international naval operation, but other major shipping lines still stopped ships from passing through the Red Sea and imposed surcharges on rerouted vessels.
“Oil prices soared on Tuesday as Houthi rebels attacked ships in the Red Sea and expressed support for Hamas’s war against Israel, increasing pressure on global supply chains,” said José Torres, senior economist at Interactive Brokers. “Redirect Subsequent shipping times and fuel requirements have increased, resulting in higher transportation costs.”
Stephen Innes, managing partner of SPI Asset Management, reported that Maersk’s statement gave crude oil prices some momentum.Brent crude oilIt rose 3.3% last week.
“Naval operations are aimed at protecting ships from potential attacks by Yemen’s Houthi rebels, so this development should be a positive step towards restoring security to maritime shipping in the region,” Innes said.
2023-12-26 22:17:43
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