Coquest Daily Energy Report

Crude Oil Futures for April 2022 settled up $3.72 @ $119.40/bbl trading in a $14.96 range including the overnight-RBOB settled up 2.81 cpg and Heating Oil settled up 14.52 cpg. The United States are currently talks with European allies to potentially sanction Russian crude oil in response to Moscow’s ongoing aggression in Ukraine. US Secretary of State Blinken said Sunday on Meet the Press, “we are now in very active discussions with our European partners about banning the import of Russian oil to our countries, while of course at the same time maintaining a steady global supply of oil.” European Commission President von Der Leyen has yet not fully supported the idea as of yet saying, “the goal is to isolate Russia and to make it impossible for Putin to finance his wars,” adding “for us, there is a strong strategy now to say we have to get rid of the dependency of fossil fuels from Russia.”

Natural Gas Futures for April 2022 settled down $0.183 @ $4.833/mmbtu trading in a .403 cent range including the overnight session. Natural-gas prices shot to record highs in Europe as intensifying fighting in Ukraine threatens to reduce or even end incoming supplies. Russian gas is still flowing through Ukraine to customers in Europe, however, market advisors say those supplies could be cut off as Russia intensifies the fighting, and that Russian gas supplied via other pipeline routes might become disrupted by Western sanctions on Moscow. Those concerns drove futures contracts for gas in the northwest European market up +42.0% compared with Friday’s close to more than 270 Euros ($293.00 US), a new record.


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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.