Brent rose $1.95, or 2.1%, to $94.76 per barrel, WTI rose $1.93, or 2.23%, to $88.46 a barrel.

Global primary energy demand is forecast to continue growing in the medium- and long-term, increasing by a significant 23% in the period to 2045. The world needs to annually add on average 2.7 million barrels of oil equivalent a day to 2045.

Europe’s gas storage sites are nearly 95% full, providing a buffer for when the weather turns colder. Reserves in the biggest gas consumer, Germany, have risen to 99%, according to Gas Infrastructure Europe.

Aramco announces third quarter 2022 results Q3 net income rises 39% YoY to $42.4 billion; free cash flow increases to a record $45.0 billion

Brent dropped $1.02, or 1.1%, to $95.94 a barrel, WTI were down $1.24, or 1.4%, at $87.84 a barrel.

The G7 and EU are finalizing details of a price cap that is intended to be implemented with the EU ban on seaborne Russian crude imports on Dec. 5 and Russian oil products on Feb. 5, 2023.

The recent fall in European gas prices may not last, according to Italian energy major Eni SpA. “It’s a temporary situation,” Chief Executive Officer Claudio Descalzi said in Abu Dhabi. “We have problems in 2023 because in 2023 we don’t have Russian gas.”

The push to fill storage facilities before the start of winter has been successful -- with many close to capacity. But some suppliers may now want to hold back those reserves until they can sell their stored gas at more attractive rates.

Just eliminating fossil fuel alone is a tall order -- 22 percent of the current generating mix is coal and 38 percent is natural gas. Half of the generation will, in theory, go offline while demand for electricity soars.

U.S. Rig Count is down 3 from last week to 768, Canada Rig Count is up 2 from last week to 212.

Brent dropped $1.02, or 1.1%, to $95.94 a barrel, WTI were down $1.24, or 1.4%, at $87.84 a barrel.

Dutch front-month gas, Europe’s benchmark, rose 3.4% to €111 per megawatt-hour at 8:57 a.m. in Amsterdam, paring some of the weekly decline.

While US fuel now makes up 40% of Europe’s liquefied natural gas imports, it will only offset a fraction of the deficit from Russia next summer,

Lower Russian supplies sent European gas prices to all-time highs in late August though prices have come down sharply as storage sites across the EU were filled to close to capacity.

U.S. commercial crude oil inventories increased by 2.6 million barrels to 439.9 million barrels.