U.S. commercial crude oil inventories increased by 9.4 million barrels to 421.8 million barrels.

Brent rose by 48 cents, or 0.5%, to $105.12 a barrel, WTI gained 28 cents, or 0.3%, to $100.88.

The price of OPEC basket of thirteen crudes stood at $102.41 a barrel on Tuesday

For 2022, world oil demand growth is revised down by 0.5 mb/d to stand at 3.7 mb/d, mostly reflecting the downward revision in world economic growth. Oil demand growth is forecast at 1.9 mb/d in the OECD and 1.8 mb/d in the non-OECD.

The Brent price will average $108/b in 2Q22 and $102/b in the second half of 2022 (2H22).

Brent were up $2.98 or 3.03% to $101.46 a barrel, WTI was up $3 or 3.18% to $97.29 a barrel.

Russia's invasion has driven up the price of the oil, gas and grain it exports, providing it with a substantial windfall to fund its "special military operation" - now entering a new phase as Moscow focuses on the eastern Donbas region after failing to break Ukraine's defence of the capital Kyiv.

Japan typically takes high-CV, low-ash coal from Russia

Even before the Ukraine war had Europe scrambling for alternatives for Russia's oil and natural gas, Qatar's ambitions to grow its LNG business were coinciding with burgeoning energy demand by western countries amid the recovery from the pandemic.

Brent was down $2.08, or 2%, at $100.70 a barrel, WTI lost $2.19, or 2.2%, to $96.07.

The price of OPEC basket of thirteen crudes stood at $100.12 a barrel

The German year-ahead baseload traded as high as Eur197.75/MWh, a new high for the 2023 contract, while year-ahead coal into Europe traded at $230/mt, EEX and ICE exchange data showed.

Vladimir Putin likely sees the global energy shortage and lack of energy security as an opportunity to advance Russia’s interests in Ukraine, knowing that Europe has no other choice than to buy their petroleum.

A viable renewable energy backstop to oil & gas production does not now exist to guarantee Americans cost-effective, reliable, and 24/7 energy availability

Germany and Europe's dependence on Russian natural gas supplies cannot be eliminated in the short term without considerable economic damage.