Dutch front-month futures, the European benchmark, rose 4.3% to €72.50 a megawatt-hour at 8:55 a.m. in Amsterdam. The UK equivalent contract was 7.1% higher.

Germany exported around 501 TWh of natural gas in 2022 (749 TWh in 2021). As a result, at 948 TWh, more natural gas was available in Germany in 2022 than in 2021 (902 TWh).

Brent was up $1.63, or 2.1%, to $79.47 a barrel, WTI gained $1.41, or 1.9%, to $74.25.

Russia said Dec. 28 it will ban crude supplies to countries that observe the G7's $60/b price cap from Feb. 1 for five months. The retaliatory move, which applies at all stages of supply to the final buyer, had been widely flagged by Russia and expected by the global oil market.

Dutch front-month futures, the European gas benchmark traded 2% higher at to €66.30 per megawatt-hour by 12 p.m. in Amsterdam. The UK equivalent contract also rose. German power for next month increased 2.3% to €166 per megawatt-hour.

Brent was up 22 cents, or 0.3%, at $84.14 a barrel, WTI gained 7 cents to $79.63.

Brent rose 8 cents, or 0.1%, to $80.07 per barrel, WTI fell 1 cent to $76.22.

Russian sales of LNG doubled from a year earlier to 852,000 tons in November, despite a 5.4% decline in China’s total purchases of the super-chilled fuel, according to Chinese customs data.

Russia and Iran, under tremendous pressure from sanctions, are turning toward each other—and they’re both looking eastward, too.

The modernised floating power units are intended to deliver a power supply for the Baimskaya Mining and Processing Plant in Chukotka.