Coquest Daily Energy Report

Crude Oil Futures for July 2022 settled up $0.59 @ $115.26/bbl. trading in a $3.29 range including the overnight-RBOB settled up 15.54/cpg and Heating Oil settled up 20.83/cpg. European Union leaders agreed in principle on Monday to cut 90% of oil imports from Russia by the end of this year, resolving a deadlock with Hungary over the bloc’s toughest sanction yet on Moscow. “Agreement to ban export of Russian oil to the EU,” said European Council President Charles Michel in a tweet at the end of the first day of a two-day summit. Diplomats said the agreement would clear the way for other elements of a sixth package of EU sanctions on Russia to take effect, including cutting Russia’s biggest bank, Sberbank, from the SWIFT messaging system.

Natural Gas Futures for July 2022 settled up $.551 @ $8.696/mmbtu trading in a .644 cent range including the overnight session. Russian producer Gazprom said it has completely halted natural gas supply to Shell under a contract that supplies the fuel to Germany. The move came after Shell refused to pay Gazprom in rubles. Gazprom made the announcement on Wednesday-a day after it cut off natural-gas supplies to the Netherlands for the same reason. Gazprom said in its Telegram channel on Tuesday that Shell Energy Europe had notified Gazprom “it does not intend to make payments under the contract for the supply of gas to Germany in rubles.”


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