Coquest Daily Energy Report

Crude Oil Futures for May 2022 settled down $2.59 @ $112.34/bbl trading in a $6.04 range including the overnight-RBOB settled down 4.90/cpg and Heating Oil settled up 3.86/cpg. Crude oil exports from Kazakhstan’s CPC terminal on Russia’s Black Sea coast stopped fully on Wednesday after damage caused by a major storm and continued bad weather, the head of CPC said. Russian Deputy Prime Minister Alexander Novak later said that oil supplies by the CPC may be completely stopped for up to two months. The CPC pipeline carries around 1.2 million barrels per day of Kazakhstan’s main crude grade, which accounts for 1.2% of global demand.

Natural Gas Futures for April 2022 settled up $0.169 @ $5.401/mmbtu trading in a .401 cent range including the overnight session. Vladimir Putin said Wednesday that Russia will only accept payments in rubles for gas deliveries to “unfriendly countries,” which include all EU members, after Moscow was hit by unprecedented sanctions over Ukraine. Immediately after his announcement, the ruble, which has plummeted since the start of the Ukraine conflict, strengthened against the dollar and euro, while gas prices rose. “I have decided to implement a set of measures to transfer payment for our gas supplies to unfriendly countries into Russian rubles,” Putin said during a televised government meeting. He added, however, that Russia will continue supplying the volume of gas outlined in its contracts.


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