Crude oil futures and natural gas prices both climbed on Tuesday, as the impending energy crisis in Europe impacts prices in the U.S. and around the globe.
The rise in oil prices continues after comments made on Monday to Bloomberg news from Saudi Arabian Energy Minister Prince Abdulaziz bin Salman. The comments implied that OPEC+ was considering reducing its oil production.
As for the climbing natural gas prices, analysts at Commerzbank pointed to rising prices in Europe as a possible cause. European prices surged on Monday following Russia’s announcement that natural-gas giant Gazprom would be halting deliveries to Europe by way of its Nord Stream 1 pipeline once again. The pause is expected to start on August 31st and last for three days.
Despite the supply issues, Germany has said that its natural gas storage facilities are at 80% capacity leading into the winter months. This shows progress after a reduction in deliveries from Russia amid the ongoing war with Ukraine.
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