Coquest Daily Energy Report

Crude Oil Futures for April 2022 settled down $6.32 @ $103.01/bbl. trading in a $9.96 range including the overnight-RBOB settled down 14.32/cpg and Heating Oil settled down 14.13/cpg. Alexander Novak, Russia’s deputy prime minister, says his government has the “full right” to “impose an embargo” on gas supplies by halting gas supplies through the Nord Stream 1 pipeline with U.S. and European officials mulling a ban on Russian oil and gas imports. Novak says it would take Europe more than a year to replace the volume of oil it receives from Russia. Market advisors note that, Russia will soon be forced to start shutting-in oil production as it will be unable to sell all the oil displaced from European markets in other regions.

Natural Gas Futures for April 2022 settled down $.067 @ $4.658/mmbtu trading in a 0.253 cent range including the overnight session. European natural gas prices extended last week’s losses on signs that talks to stop the war in Ukraine may advance, easing tensions over potential Russian supply curbs. According to market participants, any progress in peace talks will likely see more risk premium fall out of gas pricing. Benchmark Dutch front-month gas fell as much as -16.0%, while power prices in northwest Europe also decreased by more than -10.0%. Gas flows from Russia were at normal levels both via Ukraine and on other routes. Talks between Russia and Ukraine will take place via video link on Monday, with the focus on a more substantial ceasefire.


To sign up and receive the full Coquest Daily Energy Report, click here.

To send a question to the author, or to learn more about this topic, click here.

For assistance with brokerage or hedging services, please click here.


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.