homevideos Newsmarket Newscommodities NewsCrude oil price firm at $114 per barrel on tight supply and natural gas at 14 year high

Crude oil price firm at $114 per barrel on tight supply and natural gas at 14-year high

Crude oil price is holding around USD 114 per barrel because of tight supplies, the US refineries are processing the activity at the highest since pre-pandemic, at 93 percent, and self-sanctions from many European companies, even as the European countries are still talking about that and that continues to add the premium to prices.

By Manisha Gupta May 26, 2022 9:31:46 AM IST (Updated)

Crude oil price is holding around $114 per barrel because of tight supplies. The US refineries are processing at the highest pace since the pandemic began, at 93 percent. Self-sanctions from many European companies continue to add a premium to prices.

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However, product prices seem to be running even higher. The US natural gas price is at a 2008 high, above $9 per MMBtu. The markets believe that $10-11 per MMBtu would be high in this rally. The all-time high is at around $13 per MMBtu.

Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.