Coquest Daily Energy Report
Crude Oil Futures for May 2022 settled down $7.54 @ $100.28/bbl. trading in a $8.14 range including the overnight-RBOB settled down 13.54/cpg and Heating Oil settled down 11.73/cpg. Global Crude Oil prices dropped sharply during Wednesday evenings trading session after reports that President Biden is considering the release of up to 180 million barrels from the country’s Strategic Petroleum Reserve. President Biden is set to give remarks later Thursday, with multiple outlets reporting that the plan to cool soaring crude prices will involve the release of around 1 million barrels of oil per day for several months. OPEC and their working allies on Thursday decided to stick to its strategy of gradually reopening the taps following the reports the U.S. is considering the largest ever draw from its emergency oil reserve.
Natural Gas Futures for May 2022 settled up $.037 @ $5.642/mmbtu trading in a 0.378 cent range including the overnight session. Germany has declared an “early warning” that it could soon be facing a natural gas emergency as Europe’s largest economy prepares for the risk of a full supply disruption from Russia. German Economy Minister Habeck said Wednesday that the “early warning” measure was the first of three stages and does not yet imply a state intervention to ration gas supplies. Habeck called for consumers and companies to reduce consumption, “we are in a situation where I have to say clearly that every kilowatt hour of energy saved helps, and that is why I would like to combine the triggering of the early warning level for gas supplies with an appeal for help to companies and private consumers”.
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