Coquest Daily Energy Report

Crude Oil Futures for October 2022 settled down $1.28 @ $85.73/bbl. trading in a $2.93 range including the overnight-RBOB settled down 1.63/cpg and Heating Oil settled up 6.14/cpg. The Organization of Petroleum Exporting Countries and Russia fell short of their oil production target by 3.583 million barrels per day in August, an internal document showed. In July, OPEC and their working allies missed their target by 2.892 mil/bpd. According to leading market advisors, the surveys of OPEC+ production being so far below their quotas for August has the market feeling that they’re simply unable to increase their production rates if the market demands. However, the United Arab Emirates is accelerating their plan to raise its oil production capacity.

Natural Gas Futures for October 2022 settled down $0.035 @ $7.717/mmbtu trading in a 0.338 cent range including the overnight session. According to media outlets, Germany is closing in on natural gas deals with Qatar and the United Arab Emirates as it seeks to replace Russian energy. German utilities RWE and Uniper are nearing an agreement on long-term deals to buy liquefied natural gas from Qatar’s North Field Expansion project, sources familiar with the matter told reporters. The talks between Germany and Qatar have been riddled with differences over the length of contracts and pricing, but a settlement is expected to be reached soon.


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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.