Coquest Daily Energy Report

Crude Oil Futures for June 2022 settled up $0.48 @ $105.17/bbl trading in a $5.43 range including the overnight-RBOB settled up 6.77/cpg and Heating Oil settled up 18.77/cpg. U.S. crude exports to Europe climbed in March and April as buyers across the Atlantic snapped up the country’s light sweet grades to offset the expected loss of Russian oil, according to shipping data, traders and analysts. U.S. crude exports bound for Europe are close to 1.5 million barrels per day so far in April, the highest in two years and one of the strongest months on record. Most cargoes are carrying light sweet grades and are headed to European destinations including Spain, the United Kingdom, Denmark and Italy. As flows have increased to Europe, flows bound for Asia, Latin America and Canada have declined month over month.

Natural Gas Futures for June 2022 settled up $0.231 @ $7.475/mmbtu trading in a .334 cent range including the overnight session. Energy Ministers from European Union countries are set to hold emergency talks on Monday, as the bloc strives for a united response to Moscow’s demand that European buyers pay for Russian gas in rubles or face their supply being cut off. Russia halted gas supplies to Bulgaria and Poland last week after they refused to meet its demand to effectively pay in rubles. Those countries already planned to stop using Russian gas this year and say they can cope with the stoppage, but it has raised fears that other EU countries, including Europe’s gas-reliant economic powerhouse Germany, could be next.


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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.