EU agrees on emergency gas plan to cut consumption by 15% amid fears Russia could cut off supply
The Council of the European Union (EU) on Tuesday approved an emergency plan to voluntarily cut gas consumption...
The Council of the European Union (EU) on Tuesday approved an emergency plan to voluntarily cut gas consumption by 15% this winter, as concerns grow about Russia slashing supplies.
The agreement will allow the EU to save on gas during the winter in the event that Russia decides to turn off the taps in retaliation for Western sanctions after its invasion of Ukraine, the council said in a statement. The 15% gas cut was first proposed last week.
Ahead of Thursday’s U.S. Energy Information Administration (EIA) storage report covering the week ended...
Ahead of Thursday’s U.S. Energy Information Administration (EIA) storage report covering the week ended July 22, preliminary results of a Bloomberg poll showed estimates ranging from increases of 15 Bcf to 28 Bcf, with a median of 22 Bcf.
Even the high end of the estimates would compare bullishly with recent history. In the comparable week last year, EIA printed an injection of 38 Bcf, while the five-year average injection is 32 Bcf.
EIA posted a 32 Bcf injection of gas into underground storage for the week ended July 15. The build raised working gas in storage to 2,401 Bcf. Still, stocks were 328 Bcf below the five-year average.
The American Petroleum Institute (API) reported a large draw this week for crude oil...
The American Petroleum Institute (API) reported a large draw this week for crude oil of 4.037 million barrels, while analysts predicted a draw of 1.121 million barrels.
The build comes as the Department of Energy released 5.6 million barrels from the Strategic Petroleum Reserves in Week Ending July 22, to 474.5 million barrels.
U.S. crude inventories have shed some 65 million barrels since the start of 2021, with a 2 million barrel loss since the start of 2020, according to API data.
Natural-gas futures end at a 7-week high; oil prices finish lower
Natural-gas futures climbed...
Natural-gas futures climbed on Tuesday to settle at their highest since June 7, according to Dow Jones Market Data. Prices continued to find support after reports that Russian state-owned energy producer Gazprom’s natural-gas exports through the Nord Stream pipeline to Germany would drop by half. August natural gas NGQ22, -0.30% rose 27 cents, or nearly 3.1%, to settle at $8.993 per million British thermal units on the New York Mercantile Exchange. September West Texas Intermediate crude CLU22, 0.68%, meanwhile, fell $1.72, or 1.8%, to settle at $94.98 a barrel "Mounting recession worries are currently trumping how tight the physical crude market remains," said Edward Moya, senior market analyst at OANDA.
