Coquest Daily Energy Report

Crude Oil Futures for July 2022 settled down $0.60 @ $118.93/bbl. trading in a $5.19 range including the overnight-RBOB settled down 4.15/cpg and Heating Oil settled up 11.06/cpg. As China emerges as the only market for crude shipped from ports on Russia’s Pacific coast, India has become the largest purchaser of barrels loaded at ports on its western shores. Asian buyers, dominated by China and India, are now taking close to half of all the crude shipped from the country’s ports, with a steady stream of tankers heading around Europe and through the Suez Canal from the Baltic and Arctic Seas. Almost 860 k/bpd. of crude were loaded onto tankers at Russia’s western export terminals in the week to June 10 before heading to destinations in Asia. And the figure will almost certainly be revised higher once destinations become apparent for almost 210 k/bpd. that are on vessels yet to show a final discharge point.

Natural Gas Futures for July 2022 settled down $1.420 @ $7.189/mmbtu trading in a 1.881 cent range including the overnight session. According to market advisors, NYMEX traded natural gas futures have struggled to gather and maintain upside momentum. This comes amid the uncertainty created by the explosion last Wednesday at the Freeport liquefied natural gas export terminal. Freeport officials announced this morning completion of all necessary repairs and a return to full plant operations is not expected until late 2022. Given the relatively contained area of the facility physically impacted by the incident, a resumption of partial operations is targeted to be achieved in approximately 90 days-once the safety and security of doing so can be assured- and all regulatory clearances are obtained.


Receive the full Coquest Daily Energy Report by signing up today.

To send a question to the author, or to learn more about this topic, click here.

For assistance with brokerage or hedging services, please click here.


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.