A stunning sunset view of an oil well in action at the Elk Hills Oil Field in California, United States serves as a stark reminder of the rising gas prices on April 14, 2024. On Thursday, crude oil futures experienced a pullback following disappointing U.S. economic growth figures. Gross domestic product came in much softer than expected in the first quarter at 1.6% on an annualized basis compared to the 2.4% predicted by economists. The slower economic growth can have an impact on crude oil demand, leading to negative price movements after an earlier session increase.
Today’s energy prices show West Texas Intermediate June contract at $82.45 a barrel, down 0.43%, and Brent June contract at $87.62 a barrel, down 0.45%. RBOB Gasoline May contract is at $2.72 a gallon, down 0.36%, while Natural Gas May contract is at $1.62 per 1,000 cubic feet, down 1.63%. Oil prices closed lower on Wednesday with Goldman Sachs predicting a slightly bearish market due to rising global inventories.
Crude oil futures have seen a decrease in geopolitical risk premium since last week as tensions between Israel and Iran have eased, shedding $2.50 from their value since last week’s pullback due to geopolitical risk premium reduction was mainly caused by tensions between Israel and Iran easing since last week’s pullback due to geopolitical risk premium reduction was mainly caused by tensions between Israel and Iran easing since last week’s pullback due to geopolitical risk premium reduction was mainly caused by tensions between Israel and Iran easing since last week’s pullback due to geopolitical risk premium reduction was mainly caused by tensions between Israel and Iran easing since last week’s pullback due to geopolitical risk premium reduction was mainly caused by tensions between Israel and Iran easing since last week’s pullback due to geopolitical risk premium reduction was mainly caused by tensions between Israel and Iran easing
