Coquest Daily Energy Report
Crude Oil Futures for January 2023 settled up $0.67 @ $81.22/bbl. trading in a $3.41 range including the overnight-RBOB settled down 4.27/cpg and Heating Oil settled down 10.11/cpg. China is ready for a closer partnership with Russia in the energy sector, Chinese President Xi Jinping was quoted as saying on Tuesday, just days before the EU embargo on seaborne imports of Russian crude oil and the G7-EU price cap on Russia’s oil are set to enter into force. “Energy cooperation is an important cornerstone of practical cooperation between China and Russia, and also a positive force for maintaining global energy security,” Chinese news agency Xinhua quoted Xi as saying in a letter to a China-Russia Energy Business Forum. Xi also said the Chinese side stands ready to join hands with Russia to push for clean and green energy development and safeguard international energy security and the stability of industrial and supply chains, thereby making new contributions to the long-term, healthy and sustainable development of the global energy market,” Xinhua reported.
Natural Gas Futures for January 2023 settled down $0.192 @ $6.738/mmbtu trading in a 0.505 cent range including the overnight session. Germany is set to receive new flows of Qatari liquefied natural gas from 2026 after Qatar Energy and ConocoPhillips on Tuesday signed two sales and purchase agreements for its export covering at least a 15-year period. The deal, the first of its kind to Europe from Qatar’s North Field expansion project, will provide Germany with 2 million tonnes of LNG annually. “The agreements mark the first ever long-term LNG supply agreement to Germany, with a supply period that extends for at least 15 years, thus contributing to Germany’s long-term energy security,” Saad al-Kaabi said in a joint news conference with ConocoPhillips CEO Ryan Lance.
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