Coquest Daily Energy Report

Crude Oil Futures for March 2022 settled down $0.99 @ $91.32/bbl trading in a $2.00 range including the overnight-RBOB settled up 0.68 cpg and Heating Oil settled down 1.97/cpg. Saudi Aramco has raised prices for all crude grades it sells to Asia in March from February, in line with market expectations. The world’s top oil exporter increased its March price for its Arab Light crude grade for Asian customers by +0.60 cents a barrel versus February to a premium of $2.80/bbl. to the Oman/Dubai average, Aramco said on Saturday. March Arab Light crude to the United States was raised by +0.30 cents a barrel versus February to a premium of $2.45/bbl. versus ASCI. Prices to Northwestern Europe for the same grade were set at a discount of-0.10 cents a barrel versus ICE Brent, an increase of +$1.70/bbl. compared to February.

Natural Gas Futures for March 2022 settled down $.340 @ $4.232/mmbtu trading in a 0.348 cent range including the overnight session. Russia has agreed a 30 year contract to supply natural gas to China via a new pipeline and will settle the new gas sales in Euros, bolstering the energy alliance with Beijing amid Moscow’s strained ties with the West over Ukraine and other issues. Gazprom, which has a monopoly on Russian gas exports via pipeline agreed to supply Chinese State energy major CNPC with 10 billion cubic metres of gas a year, the Russian firm and a Beijing-based industry official said. First flows through the pipeline, which will connect Russia’s Far East region with northeast China, were due to start in two to three years. Russia already sends gas to China via its Power of Siberia pipeline, transporting as much as 16.5 billion cubic metres of gas to China in 2021.


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