Coquest Daily Energy Report

Crude Oil Futures for November 2022 settled down $2.64 @ $82.82/bbl. trading in a $4.42 range including the overnight-RBOB settled down 4.25/cpg and Heating Oil settled down 9.17/cpg. The Biden administration plans to continue sales oil from the Strategic Petroleum Reserve in a bid to dampen fuel prices before next month’s congressional elections, sources familiar with the matter said on Monday. The sale would market the remaining 14 million barrels from Biden’s previously announced, and largest ever, release from the reserve of 180 million barrels that started in May. The administration has also spoken with oil companies about selling an additional 26 million barrels from a congressionally mandated sale in fiscal year 2023, which began Oct. 1.

Natural Gas Futures for November 2022 settled down $0.254 @ $5.745/mmbtu trading in a 0.422 cent range including the overnight session. The European Union’s executive arm plans to propose a mechanism to curb price volatility on the bloc’s biggest gas marketplace and prevent extreme price spikes in derivatives trading to rein in the region’s energy crisis. The temporary mechanism designed by the European Commission would impose a dynamic price limit for transactions on the Dutch Title Transfer Facility, whose main index is the benchmark for all gas traded on the continent. Commission President Ursula von der Leyen said earlier this month that the TTF no longer reflects the bloc’s energy reality after Russia cut supplies to Europe and the share of gas from Moscow dropped from 40% to around 7%.


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