U.S. Rig Count is down 3 from last week to 764, Canada Rig Count is down 1 from last week to 203.

Energy consumer prices are rising at an annual rate of nearly 40 per cent in the eurozone and 57 per cent in the UK, reflecting the surge in wholesale gas and oil prices after Russia’s invasion of Ukraine. That is drastically eating into households’ disposable income.

The incentive to reduce gas consumption is huge after Putin reduced supplies to Germany via the Nord Steam 1 pipeline. The Dutch TTF gas contract, a European benchmark, is trading above 205 euros ($209) per megawatt hour, 10 times its average in the decade through 2020 and equivalent to about $350 per barrel of oil.

TotalEnergies said it would boost spending on short-cycle projects this year to help ease Europe's growing energy supply crunch. It expects its full-year capital spending to hit $16 billion in 2022 as it hopes to increase its sources of European natural gas and produce more LNG in the coming months.

Russia has cut exports to Europe to multiyear lows this summer -- supplying less than a third of normal volumes -- and there’s no clarity on further moves.

U.S. Rig Count is up 9 from last week to 767, Canada Rig Count is up 9 from last week to 204.

Gas prices jumped more than 10% following Gazprom’s decision to reduce Nord Stream flows even further. Moscow has been curbing shipments to the EU for months over apparent retaliation for the bloc’s support for Ukraine and sanctions over Russia’s invasion.

Natural gas flows from Russia to Germany via the Nord Stream pipeline will fall to 33 million cu m/d at 0700 Moscow time (0500 BST) due to the cessation of operations on another Siemens gas turbine at Portovaya

Most U.S. LNG exports went to the EU and the UK during the first five months of this year, accounting for 71%, or 8.2 Bcf/d, of the total U.S. LNG exports

U.S. Rig Count is up 2 from last week to 758, Canada Rig Count is up 4 from last week to 195.