Energy Prices (Daily Change)
All prices updated at end of day using CME settlements.
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Mild weather in Europe has given a break to the impending winter energy crisis, allowing for European countries to stockpile natural gas while they figure out how to replace sanctioned Russian gas supplies.
+European gas prices plunge to lowest since June – The Indepenent
However, low diesel supplies globally (especially in the US) is leading to a strong ULSD contract ahead of any real winter in the US.
Integrated oil companies and pure refiners are the beneficiaries of a strong crack spread.
“The largest US oil company’s results were echoed at rival Chevron, whose bumper third-quarter profit of $11.2bn was just shy of record earnings reported in its previous quarter, continuing a run of strong industry earnings on elevated oil and gas prices.”
“Total U.S. liquefied natural gas (LNG) exports jumped nearly 11% in the first 10 months of 2022 from the same period in 2021, Kpler data shows, but soared nearly 150% to Europe as desperate buyers there paid top dollar to replace reduced Russian pipelined supplies.”
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