The natural gas contract rose 0.14% at 7.865 on Thursday
According to the American automotive association retail gasoline prices down 11 weeks in a row from a historic peak of $3.76 to $5.02
According to analysts and traders, gasoline prices are expected to keep falling in the coming months because U.S refiners overproduce fuel to try to rebuild stocks of diesel and heating oil.
Oil prices rose on Thursday, U.S energy investors forecast higher demand and tighter supply has been going into 2023, although investor’s concern about weakening economic growth kept prices pinned near eight months lows
Brent oil futures rose 1.1% to $88.47 a barrel, while U.S WTI Crude oil futures rose 0.8% to $82.59 on Thursday by 20:56 ET
Both contracts decline to their lowest level since January on Wednesday, surprise, and interest rates rise in U.S inventories make concern over slowing demand.
The monthly Short Term Energy Outlook report published by U.S EIA (energy information administration) said that global crude oil demand is to increase in the fourth quarter of 2023, as rising natural gas prices and people shift to heating oil in winter.
The watchdog forecast lower oil production this year in the U.S.
Oil prices drop down from highs hit earlier this year, traders feared that rising interest rates and slow economic growth will contemplate crude demand.
On Wednesday China’s imports crude slumped by nearly 10% in August.
On Thursday Canada hiked rates to a 14-year high.
According to EIA Brent crude oil averages around $98 in this fourth quarter
