The cold spell next week signals the possibility of heavier withdrawals from the region’s gas storage sites, though inventories are still almost 73% full and well above average levels of the last five years.

Brent fell 74 cents, or 0.8%, to $85.92 a barrel , WTI was at $79.07 a barrel, down 61 cents, or 0.8%.

Benchmark futures fell as much as 3.5%. While the continent’s gas inventories dropped last week amid a cold spell, they are still far above historic averages.

Start of a new week at the months end has been very rangebound in terms of the price action on the Oil tabs. Previous week has been swings on the #BRENT & #WTI with an average of 3%(+/-) on the Bearish bias majorly as we approach the Globex Open.Asia session will shed light on the weekly movement.

Electricity prices surged 14.3% in 2022, double overall inflation" Consumer Price Increase data released Jan. 12 by the U.S. Bureau of Labor Statistics indicate consumers paid 14.3% more yr over yr, compared to overall 6.5% rise in prices.

Brent gained 30 cents, or 0.34%, to $87.77 a barrel, WTI rose 34 cents to $81.35 per barrel.

Brent rose 22 cents, or 0.3%, to $86.35 per barrel, WTI climbed 13 cents, or 0.2%, to $80.26 per barrel.

Brent was down 11 cents, or 0.1%, to $87.52, WTI fell 8 cents, or 0.1%, to $81.56 a barrel.

Dutch front-month futures, were 0.2% lower at €66.80 a megawatt-hour by 8:58 a.m. in Amsterdam, after rising as much as 3.1% earlier.

Brent gained 26 cents, or 0.3%, to $86.42 a barrel, WTI advanced 43 cents to $80.76 per barrel.