Enter your email resumed their decline in recent trading at intraday levels, to record daily losses until the moment of writing this report, by -4.60%.
It then went to settle at the price of $8.028 per million British thermal units, after rising during trading on Friday. By 1.52%, during the past week the price rose by 1.50% after the price reduced its early gains at the beginning of the week, while during the month of July the price rose sharply by 54.26%.
Russian oil production fell sharply after Moscow faced Western sanctions when it sent troops into neighboring Ukraine in February, but production has gradually begun to increase over the past months but is still below pre-sanction levels. Russia has again reduced gas flows to Europe through the Nord Stream 1 pipeline over the past week from 40% to only 20% of its capacity. Russia's state-owned Gazprom has blamed delays in equipment deliveries linked to Western sanctions imposed to protest the Kremlin's invasion of Ukraine, though analysts viewed the move as retaliation for the sanctions.
The Organization of the Petroleum Exporting Countries and its allies led by Russia, collectively known as OPEC+, will by August fully cancel record production cuts since the outbreak of the COVID-19 pandemic in 2020.Technically, the recent decline in natural gas comes as a result of the stability of the pivotal resistance level 9.60, to reap the profits of its previous rises.