By: Harry Altham, Energy Analyst, Market Analysis EMEA & Asia
Brent dipped below $100 for the first time since 25th April, as concerns over the world economic outlook continue to grow. Prices crashed through the 100-day moving average support level on Tuesday, and prices have bounced off technical support around the $98.50 mark this morning (April 11th settlement and yesterday’s low). Last night’s Fed Minutes made it clear that inflation is to be brought under control as priority number one, which implies higher interest rates and a strong dollar outlook, although recent numbers undermine this to a degree. European natural gas prices continue their rally as supplies continue to tighten; infrastructure outages across Europe are restricting gas imports by around 20%, including a 100mcm/d shortage of flow through the Nord Stream 1 pipeline. German Chancellor Olaf Scholz has accused Vladimir Putin of using gas supplies as a weapon, as Germany grapples with significant concerns that it will not have enough gas to last the forthcoming winter.
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