Called Snowflake – but also known by the less eloquent ‘Arctic Hydrogen Energy Applications and Demonstrations’ project – the facility will be a year-round scientific hub for the development, testing and maturation of carbon-free technologies robust enough to operate in extreme Arctic conditions.

U.S. commercial crude oil inventories decreased by 1.0 million barrels from the previous week to 415.1 million barrels.

Brent was down 43 cents/b (0.48%) from the previous close to $89.04/b, WTI fell 60 cents/b (0.68%) at $87.66/b.

Reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th ONOMM and the decision to adjust upward the monthly overall production by 0.4 mb/d for the month of March 2022.

The Commission said that, after taking account of scientific advice and current technological progress, it considers there is a role for private investment in gas and nuclear activities in the transition.

In January 2021, Azerbaijan started commercial gas supplies to Europe via the Trans-Adriatic Pipeline, which entered operations in November 2020.

The nuclear power plant, to be sited near Lima, about 100 kilometres north west of Argentina's capital, Buenos Aires, will use China's Hualong One technology - the HPR1000 reactor,

Brent crude rose 11 cents, or 0.1%, to $89.27 a barrel, WTI was up 14 cents, or 0.2%, at $88.34 a barrel.

Nord Stream 1 appeared to be returning to full capacity, according to the operator's data, with hourly gas flow nominations reaching 73 GWh since the start of Feb. 1 gas day, compared with 69 GWh/h for Jan. 31.

Demand is expected to surpass pre-pandemic levels in the second half of the year "with a healthy recovery trend," the analysis showed, easing the market oversupply to 1.2 million b/d in the third quarter and 1.1 million b/d in the fourth.

Gas exports to China via the Power of Siberia pipeline keep growing within the framework of the long-term bilateral contract between Gazprom and CNPC.

The National Weather Service on Feb. 1 issued winter storm warnings stretching from the Great Lakes to New Mexico and West Texas and either winter weather advisories or watches for hundreds of miles north and south of the winter storm warning areas.

Brent was down 74 cents, or 0.8%, at $88.52 a barrel , WTI slipped 83 cents, or 0.9%, to $87.32.

In a recent twist, Berlin is no longer ruling out shelving the pipeline project. But Europe is currently facing a winter energy crunch. Prices of natural gas have skyrocketed in recent months, and stockpiles in EU countries are at a five-year low.

Already, oil prices have hit seven-year highs in recent days over the ratcheting tensions between the West and Russia over Ukraine.