Coquest Daily Energy Report

Crude Oil Futures for April 2022 settled up $7.94 @ $102.98/bbl. trading in a $9.39 range including the overnight-RBOB settled up 22.91/cpg and Heating Oil settled up 38.73/cpg. NYMEX traded crude oil futures jumped in excess of 6.0% ($5.96/bbl.) early Thursday after the International Energy Agency said markets could lose as much as three million barrels a day of Russian crude and refined products beginning with April. The total loss would be far greater than the expected drop in demand of one million barrels per day triggered by higher fuel prices, the IEA said. “The prospect of large-scale disruptions to Russian oil production is threatening to create a global oil supply shock,” the Paris-based firm said in its monthly report, “the implications of a potential loss of Russian oil exports to global markets cannot be understated.”

Natural Gas Futures for April 2022 settled up $.242 @ $4.990/mmbtu trading in a 0.310 cent range including the overnight session. The Biden administration said Tuesday that it would issue orders that will expand the amount of liquified natural gas that it exports as European nations seeks to reduce reliance on Russian gas. The Energy Department said that two authorizations it issued would give two facilities the ability to export an additional 720 million cubic feet per day of the fuel. The department said that its latest move would give every U.S. LNG export project the ability to export at full capacity. In the first half of last year, the U.S. exported an average of 9.6 billion cubic feet per day.


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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.