Total nonfarm payroll employment rose by 311,000 in February, and the unemployment rate edged up to 3.6 percent, the U.S. Bureau of Labor Statistics reported

U.S. commercial crude oil inventories increased by 0.6 million barrels to 470.5 million barrels.

The Worldwide Rig Count for March was 1,879, down 43 from the 1,921 counted in February 2023, and up 218, from the 1,661 counted in March 2022.

U.S. commercial crude oil inventories decreased by 3.7 million barrels to 470.0 million barrels.

Brent settled up 13 cents, or 0.2%, at $85.12 a barrel, WTI closed 9 cents, or 0.1%, higher at $80.70.

In 2023, global gas consumption is forecasted to increase by around 1% y-o-y,

Средняя цена на нефть марки Urals в январе-марте 2023 года сложилась в размере $48,92 за баррель, в январе-марте 2022 года — $88,95 за баррель.

Since Turkey can legitimately still import diesel-type fuel from Russia, traders can potentially bring in relatively cheap barrels to meet the country’s energy needs. At the same time, Turkey’s own production could be sold at a higher price to the EU.

Green Hydrogen is a key energy vector that can assist Europe reach climate change targets as it enables massive decarbonization of industry heat, power generation and transport sectors.

Brent were down 19 cents, or -0.24%, at $79.08 a barrel, WTI fell by 1 cent, or -0.01%, to $74.36.

Europe’s appetite for new LNG projects is pushing the continent to boost its import capacity by one-third, but the mismatch between future LNG demand and import facilities might result in 200-250 billion cubic metres (bcm) of unused capacity by 2030.

Two camps, one led by Germany and the other by France, are fighting it out, each with a blocking minority on a specific point: Should low-carbon hydrogen be taken into account when measuring the efforts of member states to reach the target of 45% of renewables in their energy mix by 2030?

Banking crisis seems to be a regulatory issue not a monetary policy issue. Dollar may get a leg up higher soon despite the fluid situation. Natural credit tightening by banks being a factor to consider, also remembering the Core PCE Data during the week.

Brent slid 48 cents, or 0.6%, to $75.43 a barrel, WTI dropped 52 cents, or 0.7%, to $69.44 a barrel.

For 2023, the world oil demand growth forecast remains unchanged at 2.3 mb/d, with the OECD Americas and OECD Europe revised slightly lower, while China is revised higher, with jet/kerosene and gasoline leading demand growth.