Coquest Daily Energy Report
Crude Oil Futures for June 2022 settled down $2.76 @ $102.41/bbl. trading in a $3.70 range including the overnight-RBOB settled down 0.89/cpg and Heating Oil settled down 12.22/cpg. The European Commission may spare Hungary and Slovakia from an embargo on buying Russian oil-now under preparation-wary of the two countries’ dependence on Russian crude, two EU officials said on Monday. The Commission is expected to finalize on Tuesday work on the next and sixth package of EU sanctions against Russia over its actions in Ukraine, which would include a ban on buying Russian oil. Hungary is heavily dependent on Russian oil and has repeatedly said it would not sign up to sanctions involving energy. To keep the 27-nation bloc united, the Commission might offer Slovakia and Hungary “an exemption or a long transition period”, one of the officials said.
Natural Gas Futures for June 2022 settled up $.479 @ $7.954/mmbtu trading in a 0.630 cent range including the overnight session. Russian gas producer Gazprom said natural gas exports to China increased by +60.0% per cent in the first four months of the year from the same period of 2021. It comes as Moscow’s invasion of Ukraine has prompted many major buyers-especially those in Europe-to reduce their gas purchases from Russia. Gazprom on Sunday also said natural gas sales to non-Commonwealth of Independent States countries had also declined to 50.1 billion cubic metres in the first four months of calendar 2022, down -26.9% per cent from a year earlier.
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