U.S. Rig Count is up 3 from last week to 765 , Canada Rig Count is unchanged from last week at 201

While some countries like Germany, where nearly half the homes rely on gas for heating, are more exposed than others, the European Union is seeking to band together.

UK households will pay almost triple the price to heat their homes this winter compared with a year ago, a jarring increase for millions of people already struggling to afford everyday essentials.

Subsidies, which will be incorporated into power bills, are expected to absorb up to 94% of the rise in monthly power bills for households and 89% of the rise for small and medium-sized firms.

Russia’s Gazprom will halt flows on its key Nord Stream gas pipeline for three days of repairs on Aug. 31, again raising concerns it won’t return after the work.

Russian gas company Gazprom has announced it will halt gas supplies to Europe via the Nord Stream 1 pipeline from 31 August to 2 September 2022, quoting maintenance issues for the pipeline’s only remaining compressor.

Russia is now China’s top supplier of the fuel, supplanting Indonesia after the Southeast Asian nation deterred buyers by raising prices.

Eni announces a significant gas discovery in the Cronos-1 well drilled in Block 6, 160 km off Cyprus coastline, in 2,287 metres of water depth.

Benchmark futures rose as much as 16%, also driving up electricity prices to fresh records. The key Nord Stream pipeline will stop for three days of maintenance on Aug. 31, again raising concerns that the link won’t return to service as planned after the works.

Preliminary production figures for July 2022 show an average daily production of 1 876 000 barrels of oil, NGL and condensate.