Coquest Daily Energy Report
Crude Oil Futures for July 2022 settled up $0.91 @ $119.41/bbl. trading in a $3.20 range including the overnight-RBOB settled down 3.53/cpg and Heating Oil settled down 3.95/cpg. India is looking to double down on its Russian oil imports with state-owned refiners eager to take more heavily discounted supplies from Rosneft. State processors are collectively working on finalizing and securing new six-month supply contracts for Russian crude to India, said people with knowledge of the companies’ procurement plans. Cargoes are being sought on a delivered basis from Rosneft, with the seller set to handle shipping and insurance matters, they said. These supply agreements, if concluded, will be separate and on top of shipments that India already buys from Russia via other deals.
Natural Gas Futures for July 2022 settled down $0.029 @ $9.293/mmbtu trading in a .344 cent range including the overnight session. Market advisors note that with forecasts calling for heat to become significantly more widespread later this month, traders are taking notice of the potential for highs in Texas to surpass the century mark for the next seven days in some cities. The electric grid operator for most of Texas -E.R.C.O.T.-said the sweltering conditions could drive loads to a near-record level above 74,000 MW on Monday and Tuesday. At the same time, wind generation was expected to falter, dropping by more than 100 gigawatt hours/day.
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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.Back