Coquest Daily Energy Report

Crude Oil Futures for April 2022 settled down $6.57 @ $96.44/bbl. trading in a $9.05 range including the overnight-RBOB settled down 17.08/cpg and Heating Oil settled down 24.66/cpg. India may take up Russia’s offer to buy crude oil and other commodities at a discount, two Indian officials said, in a sign that Delhi wants to keep its key trading partner on board. India has not condemned the invasion of Ukraine and abstained from voting at the United Nations. India, which imports 80% of its oil needs, usually buys only about 2% to 3% from Russia. But with oil prices up 40% so far this year, the government is looking at increasing this if it can help reduce its rising energy bill. “Russia is offering oil and other commodities at a heavy discount. We will be happy to take that,” one of the Indian government officials said.

Natural Gas Futures for April 2022 settled down $.090 @ $4.568/mmbtu trading in a 0.223 cent range including the overnight session. China resold several U.S. liquefied natural gas shipments to Europe, a rare move by the world’s top buyer that highlights how sky-high prices are rerouting trade flows. Unipec, the trading arm of China’s state-owned Sinopec, sold at least three LNG cargoes for delivery through June to ports in Europe via a tender that closed late last week, according to traders with knowledge of the matter. The shipments will load from Venture Global LNG Inc.’s Calcasieu Pass export facility in Louisiana, where Sinopec has a deal to purchase LNG, they said, requesting anonymity to discuss private details.

 

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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.

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