Benchmark futures jumped as much as 12%. The European Commission’s radical intervention plan includes raising 140 billion euros ($140 billion) for consumers from energy companies’ earnings, as also mandatory curb on peak power demand and boosting liquidity.

The plan is expected to raise €140bn, including €117bn from the temporary revenue cap on inframarginal electricity producers and €25bn from the temporary solidarity contribution based on taxable surplus profits made in the fiscal year 2022 on energy undertakings in the oil, gas, coal and refinery sectors

The risks of shortages drove gas prices higher for a third day. The European Commission this week unveiled radical intervention plan including raising 140 billion euros ($140 billion) for consumers from energy companies’ earnings, mandatory curb on peak power demand and boosting liquidity.

Brent rose 8 cents, or 0.09%, to $93.25 a barrel, WTI was at $87.35 a barrel, up 4 cents, or 0.05%.

World oil demand growth in 2022 remained unchanged from the previous month’s assessment at a healthy level of 3.1 mb/d. For 2023, the forecast for world oil demand growth also remained unchanged from the previous month’s assessment to 2.7 mb/d.

Digital transformation in oil and gas is more of a transformation problem than it is a digital one. Many executives are hesitant to invest heavily in digital transformation but continue to be hampered by the cost of poor quality.

U.S. Rig Count is down 1 from last week to 759, Canada Rig Count is down 3 from last week to 205.

Brent rose $1.24, or 1.4%, to $90.39 a barrel, WTI climbed $1.05, or 1.3%, to $84.59.

The Brent crude oil spot price averages $98 per barrel (b) in the fourth quarter of 2022 (4Q22) and $97/b in 2023.

U.S. commercial crude oil inventories increased by 8.8 million barrels to 427.2 million barrels.