Oil Prices Pop as Markets Eye Middle East Tensions and Assess 2024 Growth Outlook
12.30.2023 By Tank Terminals - NEWS

December 30, 2023 [Businessinsider]- Oil prices jumped on Tuesday, adding to last week’s strong gains as traders keep an eye on turmoil in the Middle East and assess the outlook for global growth and crude demand heading into 2024.


West Texas Intermediate crude popped 2.8% to $75.65 a barrel, while Brent prices reached $81.14 a barrel, up by about 2.6%. That adds to last week’s gains of 3% for both oil benchmarks.
Energy markets are watching for more potential disruptions stemming from Houthi attacks on key cargo routes. Danish shipping giant Maersk said this weekend it would start up operations again in the Red Sea and the Gulf of Aden after suspending traffic through the key waterways. A multi-national naval operation led by the US has been launched to protect ships passing through the region.
The tensions in the highly important area around the Suez Canal add to fears of regional escalation of the ongoing Israel-Hamas conflict. The war, now in its third month, could drag in other regional players like Iran, while groups like Yemen’s Houthis and Lebanon-based Hezbollah have already been lobbing rockets toward Israel.
Oil prices are also getting a boost from the outlook for a soft landing or just a mild recession in 2024. Demand should stay high, experts say, as the US avoids a severe slowdown and the Federal Reserve gets ready to cut interest rates, further stimulating economic activity potentially.
While the International Energy Agency has said that it expects fossil fuel demand to decline through this decade, markets don’t seem to agree. JPMorgan’s top energy strategist said this month that peak oil won’t be seen in our lifetime, while a wave of oil mega-mergers and skyrocketing US production point to strong demand for years to come.


Pro Trial: Access 12,600 Tank Terminal and Production Facilities

12,600 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

PetroVietnam Gas to Launch LNG Trucking Business
03.04.2024 - NEWS
March 4, 2024 [LNG Prime]- PetroVietnam Gas, a unit of state-owned PetroVietnam, will this month ... Read More
Three Firms Join Forces on $3.3 Billion LNG-to-Power Project in Philippines
03.04.2024 - NEWS
March 4, 2024 [LNG Prime]- Power companies Meralco PowerGen, Aboitiz Power, and San Miguel Global... Read More
OPEC+ Members Extend Oil Output Cuts to Second Quarter
03.04.2024 - NEWS
March 4, 2024 [Reuters]- OPEC+ members led by Saudi Arabia and Russia agreed on Sunday to extend ... Read More
Russia Says to Deepen Oil Output Cuts While Easing Export Limits
03.04.2024 - NEWS
March 4, 2024 [Reuters]- Russia will cut its oil output and exports by an additional 471,000 barr... Read More