Coquest Daily Energy Report

Crude Oil Futures for September 2022 settled down $0.26 @ $90.50/bbl. trading in a $3.60 range including the overnight-RBOB settled up 7.40/cpg and Heating Oil settled up 15.47/cpg. Oil buyers in southern Europe are quietly returning to the market for Russian crude, with a European Union ban on such shipments still four months away from coming into force. Shipments of Russian crude to ports in Italy and Turkey rose to multi-week highs for the week ending Aug. 5th, offsetting another drop in shipments to customers across northern Europe, according to vessel-tracking data. Shipments from Russia to the Mediterranean region as a whole were the highest since mid-June. Spain took its first cargo of Urals crude since April and last week also saw the first Urals shipment from the Baltic to Greece since February.

Natural Gas Futures for September 2022 settled up $0.244 @ $7.833/mmbtu trading in a 0.266 cent range including the overnight session. The Asia-Pacific gas market has suffered another blow after major natural gas producer Australia signaled it could potentially cut liquified natural gas exports as the region battles tight gas supplies, high prices and competition from gas hungry European buyers. Australia is looking to trim its overseas sales in favor of domestic consumption ahead of a projected shortfall in local supplies next year as energy protectionism takes hold globally. Last week, the Australian Competition and Consumer Commission called on Canberra to protect domestic gas supplies and curb LNG exports after projecting the east coast of the country could face a shortfall of 56 petajoules of gas next year.


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