Oil fell this Monday due to fears of recession, while the price of gas in Europe fell thanks to almost complete stocks to face the winter in the old continent. A barrel of North Sea Brent for December delivery fell 0.25% to $93.26 in London. Meanwhile, the West Texas Intermediate (WTI) for the same month fell 0.55% to 85.05 dollars in New York.
Oil lost ground due to weak activity indicators in Europe and the UK.
On the Chinese side, although growth picked up again in the third quarter according to official figures, the hope of a return to normality was ruled out by the Chinese president, Xi Xinping, who was elected for a third term in his country, where applies the zero-covid policy that leads to frequent lockdowns.
These perspectives are negative for the demand for crude oil. While the strong dollar makes raw materials such as oil more expensive for investors in other currencies.
The Dutch TTF futures contract, a reference in Europe, fell to 96.50 euros per megawatt hour (MWh), a minimum since June.
"Prices were down sharply from August and September, thanks to mild autumn weather across Europe, and high stock levels ahead of winter" boreal, Energi Danmark analysts commented.
PVM Energy estimates that the natural gas reserves of the European Union are at 92% of their capacity.