U.S. commercial crude oil inventories increased by 2.0 million barrels to 418.7 million barrels.

Brent were down $1.27, or 1%, at $119.90 a barrel, WTI fell $1.44, or 1.2%, to $117.49 a barrel.

The price of OPEC basket of thirteen crudes stood at $123.73 a barrel

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

The decline in overall export volumes is mainly due to lower oil-product flows, while Russian crude shipped in May grew nearly by 500,000 barrels a day compared to the start of the year, mainly thanks to higher deliveries to Asia.

Asian LNG futures for winter delivery surged to the highest level in over two months.

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.

Nuclear has for the first time in over a decade, woven itself into the public narrative as a key technology to support climate change and net-zero objectives.

There has been a split within the European Union over whether or not nuclear power - and natural gas - should be included as being "sustainable". Nuclear energy was left out of the initial Delegated Act pending further assessment.

Through the collaboration, KBR’s market-leading energy advisory services team and Terrestrial Energy will analyse the integration of Terrestrial Energy’s Integral Molten Salt Reactor (IMSR) nuclear cogeneration technology for use in green ammonia and hydrogen production.

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