Oil prices rise

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World oil prices on Wednesday afternoon accelerated growth compared to almost zero morning dynamics on the optimism of bull traders regarding the forthcoming publication of data from the Energy Information Administration (EIA) of the US Ministry of Energy on the reserves of this raw material in the country, according to the data of the auctions and analysts’ comments.

As of 14.41 Moscow time, the November futures price for the North Sea petroleum mixture Brent grew by 0.39%, to $ 76.59 per barrel, October futures for WTI oil – by 0.6%, to $ 68.94 per barrel.

Oil prices rise“Investors are waiting for EIA’s weekly data on reserves, and we believe that the EIA will report a 2 million barrel decrease in hydrocarbon reserves for the week, amid declining but still fairly large volumes of refining,” said analyst Mikhail Sberbank Shebe, available at RIA Novosti.

In addition, a new trade agreement between the United States and Mexico remains a positive factor for the oil market. US President Donald Trump on Monday announced that agreements have been reached with Mexico to conclude a new trade agreement in place of the current tripartite agreement of the United States, Mexico and Canada on the North American Free Trade Area (NAFTA). He also added that it has not yet been decided whether Canada will join this agreement, or whether it will negotiate a separate treaty with it.

“Further progress in the negotiations on a new North American trade agreement will increase pressure on the dollar, but will support the stock market and oil prices, and the lack of success in this area will have the opposite effect,” Sheibe explains.


“Gazprom” sent a response to the lawsuit “Naftogaz”

Gazprom responded to the lawsuit filed by Naftogaz Ukrainy in Stockholm’s arbitration to review the tariff for gas transit, Gazprom said in its IFRS report for the first half of 2018.

Gazprom responded to a request for arbitration on August 14, 2018. The procedural schedule is not currently compiled, “the document says.

“Naftogaz” in July filed a lawsuit against Gazprom in the Stockholm arbitration with a demand to revise the tariffs for gas transit from March 2018, the claims of the company estimated at 11.58 billion dollars. The commercial director of Naftogaz, Yuriy Vitrenko, said at the same time that the amount of the claim could be reduced if Gazprom buys transit capacities after 2019 and / or if it stops blocking the transit of gas from Central Asia and the export of other companies from Russia.

Stockholm arbitration in December and February ruled on the disputes between Gazprom and Naftogaz regarding contracts for the supply and transit of gas, obliging the Russian company to pay the Ukrainian company 2.56 billion dollars. Gazprom appealed them in March, and in May demanded the complete abolition of the “transit” decision. In addition, Gazprom filed a lawsuit in Stockholm arbitration to terminate the contracts with Naftogaz, in effect until the end of 2019.