Coquest Daily Energy Report

Crude Oil Futures for September 2022 settled down $0.54 @ $90.23/bbl. trading in a $4.66 range including the overnight-RBOB settled down 12.63/cpg and Heating Oil settled up 7.57/cpg. According to official data, OPEC and their working allies produced 2.892 million barrels per day below their targeted quotas for the month of July, two sources from the producer group said, as sanctions on some members and low investment by others hindered its ability to raise output. Compliance with the production targets stood at 546% for July the sources said, compared with 320% in June, when the supply gap stood at 2.84 mil/bpd. Global oil production spare capacity-mainly concentrated in Saudi Arabia and United Arab Emirates-is already at historic lows.

Natural Gas Futures for September 2022 settled up $0.344 @ $9.680/mmbtu trading in a 0.824 cent range including the overnight session. European natural gas prices surged on Monday after Russia’s state-owned energy giant Gazprom said it would shut down Europe’s single biggest piece of gas infrastructure Nord Stream 1- currently flowing just 20.0% of normal-for three days at the end of the month (Aug 31-Sept 2). The Dutch TTF hub contract closed on Friday at a record high of 244.55 Euros per megawatt hour, registering its fifth consecutive weekly gain. Mondays trading activity saw another new record at 291.5 Euros, or +19.0% from Fridays settlements.


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Disclosure: The risk of loss in trading futures and/or options is substantial. Past performance is not indicative of future results. The information in this message derived from third-party sources is believed to be accurate and reliable; Coquest does not guarantee the accuracy or completeness of the information. Opinions expressed in this material are subject to change without notice. This report should not be interpreted as a request to engage in any transaction of futures, options, and/or OTC derivatives. The information contained in this material is not to be relied upon in substitution for the exercise of your independent judgment. Seek independent financial, tax, legal, and accounting advice from your own professional advisers, based upon your particular circumstances.