For 2022, world oil demand growth is broadly unchanged to stand at 3.4 mb/d.

From January through May 2022, LNG imports into the European Union and the United Kingdom averaged 14.9 Bcf/d, which is 5.9 Bcf/d (66%) more than the annual average in 2021 and 4.7 Bcf/d more than the pre-pandemic high of 10.3 Bcf/d in 2019

U.S. natural gas prices to remain relatively high in 2022 because of lower-than-average natural gas inventories resulting from factors affecting both supply and demand.

Global inflation has risen sharply from its lows in mid-2020, on rebounding global demand, supply bottlenecks, and soaring food and energy prices, especially since Russia’s invasion of Ukraine.

Investment in electricity generation in India has rebounded from its slump during the COVID-19 pandemic, with 15.5 gigawatts (GW) of renewable energy capacity – representing an investment of a record US$14.4 billion – added in the past financial year.

Brent rose $1.05, or 0.9%, to $123.32 a barrel, WTI rose 96 cents, or 0.8% to $121.89 a barrel.

The price of OPEC basket of thirteen crudes stood at $120.66 a barrel

The Administration has actually recommended that people buy EVs to avoid increasing gasoline prices. The recent ban on imports of Russian oil will likely further increase gasoline prices, which have already doubled under the Administration.

Brent was down $1.86, or 1.5%, to $120.15 a barrel, WTI was down $2.15, or 1.8%, at $118.52.

The price of OPEC basket of thirteen crudes stood at $123.19 a barrel

U.S. Rig Count is up 6 from last week to 733, Canada Rig Count is up 24 from last week to 141.

Brent was up 40 cents, or 0.3%, at $123.47 a barrel, WTI rose 30 cents, or 0.3%, to $121.81 a barrel.

The price of OPEC basket of thirteen crudes stood at $123.21 a barrel on Thursday,

The Brent price will average $108/b in the second half of 2022 (2H22) and then fall to $97/b in 2023.

U.S. commercial crude oil inventories increased by 2.0 million barrels to 416.8 million barrels.