Coquest Daily Energy Report
Crude Oil Futures for June 2022 settled up $2.62 @ $112.21/bbl. trading in a $7.49 range including the overnight-RBOB settled up 11.11/cpg and Heating Oil settled up 12.39/cpg. According to EIA data, U.S. crude oil imports averaged 6.6 million barrels per day last week, up by +299,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day or +4.7% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 876,000 barrels per day, and distillate fuel imports averaged 114,000 barrels per day.
Natural Gas Futures for June 2022 settled down $0.060 @ $8.308/mmbtu trading in a .595 cent range including the overnight session. The European Commission has given more details on how it plans to end Europe’s dependence on Russian fossil fuels. The updated proposals outline not just how the EU plans to negotiate both the immediate gas crisis, but also deliver on promises to completely wean itself off Russian energy by 2030. The strategy focuses on three key topic areas, improving energy efficiency, expanding the use of renewable energy and securing non-Russian suppliers of oil and gas. “We are taking our ambition to yet another level,” European Commission President Ursula von der Leyen said as she presented the update at a briefing in Brussels. Plans to reduce energy consumption in the EU have also been made more ambitious, from the original plan of a -9.0% cut to -13.0% cut by calendar 2030.
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