Coquest Daily Energy Report
Crude Oil Futures for July 2022 settled down $0.40 @ $114.67/bbl. trading in a $5.83 range including the overnight-RBOB settled up 6.46/cpg and Heating Oil settled up 8.80/cpg. Moscow has vowed to find other importers for its oil after the world’s largest trading bloc agreed to impose a partial embargo on Russian crude. The European Union on Monday decided to ban most Russian oil imports by the end of the year as part of new measures designed to punish the Kremlin. The move was hailed by EU foreign policy chief Josep Borrell as a “landmark decision to cripple Putin’s war machine”. It covers Russian oil brought into the bloc by sea, with an exemption carved out for imports delivered by pipeline following strong opposition from Hungary. The EU’s long-delayed sixth package of sanctions against Russia required approval from all 27 member states.
Natural Gas Futures for June 2022 settled down $.582 @ $8.145/mmbtu trading in a .798 cent range including the overnight session. Russian energy giant Gazprom said on Tuesday it has fully suspended gas supplies to GasTerra due to the Dutch trader’s “failure to pay in rubles.” “GasTerra will not go along with Gazprom’s payment demands,” said GasTerra trade reps, which is partly owned by the state and trades on behalf of the government. “This is because to do so would risk breaching sanctions imposed by the EU and also because there are too many financial and operational risks associated with the required payment rout,” the Dutch company wrote in a press release on Monday.
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