Coquest Daily Energy Report

Crude Oil Futures for May 2022 settled up $6.31 @ $100.60/bbl. trading in a $6.51 range including the overnight-RBOB settled up 15.07/cpg and Heating Oil settled up 19.67/cpg. In Vienna, OPEC Secretary General Mohammad Barkindo said yesterday in a speech at a high-level meeting between OPEC and the EU that replacing Russian crude oil lost by a possible ban from the EU would be nearly impossible. “We could potentially see the loss of more than 7 million barrels per day of Russian oil and other liquids exports, resulting from current and future sanctions or other voluntary actions. Considering the current demand outlook, it would be nearly impossible to replace a loss in volumes of this magnitude,” the Secretary General said.

Natural Gas Futures for May 2022 settled up $.037 @ $6.680/mmbtu trading in a 0.347 cent range including the overnight session. Benchmark European natural gas prices declined for a seventh session amid signs of steady Russian flows and a warmer weather outlook for parts of the continent. Dutch front-month gas futures settled 3.6% lower at 100.14 euros per megawatt-hour while the U.K. equivalent contract dropped 6.8%. Orders for Russian gas shipments via Ukraine edged higher Monday, but remained below capacity, while the Yamal-Europe pipeline continued to flow eastward to Poland from Germany. Supplies through Russia’s main pipeline to Europe, Nord Stream, remain high and stable.


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