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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Disclosure: The risk of loss in trading futures and/or options is substantial. Past performance is not indicative of future results. The information in this message derived from third-party sources is believed to be accurate and reliable; Coquest does not guarantee the accuracy or completeness of the information. Opinions expressed in this material are subject to change without notice. This report should not be interpreted as a request to engage in any transaction of futures, options, and/or OTC derivatives. The information contained in this material is not to be relied upon in substitution for the exercise of your independent judgment. Seek independent financial, tax, legal, and accounting advice from your own professional advisers, based upon your particular circumstances.

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