Day: February 18, 2022

Crude oil prices moved slightly higher today after the Energy Information Administration reported a crude oil inventory build of 1.1 million barrels for the week to February 11. This compares with a draw of 4.8 million barrels estimated for the previous week and an estimated 1.076-million-barrel inventory decline for last week as reported by the American Petroleum Institute on Tuesday. In gasoline, the EIA estimated an inventory decline of 1.3 million barrels for the week to February 11, which compared with a draw of 1.6 million barrels for the previous…

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 The ongoing gas crisis is unlikely to subside when the mercury rises as LNG trading companies, Italy-based ENI and Singapore-based GUNVOR, have cancelled their term LNG cargoes, which were scheduled to be delivered in the first and second week of March 2022 respectively. This will be the fourth time when ENI will back out of delivering the term LNG cargo. However, GUNVOR will default for the second time as it earlier defaulted in November 2021. Both the LNG trading companies have emerged as habitual defaulters, which is simply unacceptable,” a…

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Europe is now on the “safe side” with regard to gas supply this winter despite concerns over Russian deliveries, European Commission President Ursula von der Leyen said Feb. 16, amid the continued standoff between Moscow and the West over Ukraine. We have, during the last weeks, looked into all possible disruption scenarios in case Russia decides to partially or completely disrupt gas supplies to the EU,” von der Leyen said. “And I can say today that our models show, with all the measures we have taken, that we are now…

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