Oil futures gain ground Wednesday as Russia moves to curb natural-gas flows to Europe and industry data shows a big drop in U.S. crude and product inventories.
Oil futures gained a little ground Wednesday as Russia moved to curb natural-gas flows to Europe and industry data showed a big drop in U.S. crude and product inventories.
Price actionMarket drivers Oil... Oil futures gained a little ground Wednesday as Russia moved to curb natural-gas flows to Europe and industry data showed a big drop in U.S. crude and product inventories. Price action Market drivers Oil was lifted and natural gas ended at a seven-week high on Tuesday after Russian energy giant Gazprom said it would cut natural-gas flows to Germany through the Nord Stream 1 pipeline to 20% of capacity. The move was seen having a spillover effect on expectations that a natural-gas crunch could spark increased demand for crude oil and fuels such as diesel.
Official data from the Energy Information Administration is due Wednesday morning. On average, analysts expect an 800,000-barrel fall in domestic crude inventories for the week ended July 22, along with supply declines of 1.1 million barrels for gasoline and 200,000 barrels for distillates, according to a survey conducted by S&P Global Commodity Insights.
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