Coquest Daily Energy Report
Crude Oil Futures for March 2022 settled down $1.96 @ $89.36/bbl trading in a $3.17 range including the overnight-RBOB settled down 6.02 cpg and Heating Oil settled down 6.28 cpg. A source close to Iranian negotiators in Vienna said unlike Washington, “Iran has made its political decision,” commenting on the course of Vienna negotiations regarding the revival of the Joint Comprehensive Plan of Action and lifting of the sanctions on Iran. “The main obstacle is the lack of a political decision by the US,” the source added. “Washington should be worried about the loss of opportunity.” In a post on his Twitter account on Tuesday, Secretary of Iran’s Supreme National Security Council Ali Shamkhani said, “Continuing maximum pressure against Iran, current US administration has so far tried to meet the goals that Trump failed to achieve through bullying, by making unsupported promises. With this Washington’s illusions the path to negotiations will not be smooth.”
Natural Gas Futures for March 2022 settled up $0.016 @ $4.248/mmbtu trading in a .208 cent range including the overnight session. In a flurry of diplomacy, President Biden met with Germany’s new leader Monday and vowed the crucial Nord Stream 2 Russia-to-Germany gas pipeline will be blocked if Russia invades Ukraine. Putin retorted that the U.S. and its allies are the only ones talking invasion. Putin and French President Emmanuel Macron met for more than five hours in Moscow at the same time Biden and German Chancellor Olaf Scholz spoke at the White House in efforts to defuse the crisis before armed conflict breaks out. Russia has massed thousands of troops at the Ukraine border, adding military supplies almost daily. “If Russia invades, then there will be no longer a Nord Stream 2,” Biden said. “We will bring an end to it.”
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