Coquest Daily Energy Report
Crude Oil Futures for July 2022 settled down $0.37 @ $118.50/bbl. trading in a $3.36 range including the overnight-RBOB settled down 5.92/cpg and Heating Oil settled up 7.98/cpg. NYMEX traded Crude Oil prices eclipsed $120.00 a barrel early on Monday after Saudi Arabia raised crude prices for July and amid doubts that an increased OPEC+ monthly output target will help ease tight supply. Saudi Arabia raised the July official selling price (OSP) for its flagship Arab light crude to Asia by $2.10/bbl. from June to a $6.50/bbl. premium, the highest since May when prices hit all-time highs due to worries of disruption in supplies from Russia. The price increase follows a decision last week by the OPEC+ to boost output for July and August by 648,000 barrels per day.
Natural Gas Futures for July 2022 settled up $.799 @ $9.322/mmbtu trading in a .653 cent range including the overnight session. Lebanese President Michel Aoun on Sunday warned Israel against drilling in the Karish offshore natural gas field, as a new gas rig arrived at the site to commence operations. “Any action or activity in the disputed area represents a provocation and a hostile act,” the President said. Lebanese Prime Minister Najib Mikati accused Israel of “encroaching on Lebanon’s maritime wealth, and imposing a ‘fait accompli’ in a disputed area.” He called the Israeli move “extremely dangerous.” “The decision about a response [to the ship’s entry] is in the hands of the state and Hezbollah,” Bassam Yasin, the head of the Lebanese delegation to the negotiations was quoted saying by the Kan public broadcaster.
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