The Worldwide Rig Count for January was 1,632, up 69 from the 1,563 counted in December 2021,and up 449 from the 1,183 counted in January 2021.

U.S. Rig Count is up 3 from last week to 613 , Canada Rig Count is up 1 from last week to 218.

Brent was up 47 cents/b (0.52%) from the previous close at $91.58/b, WTI rose 63 cents/b (0.7%) at $90.90/b.

"Aside from a few additional Bcms which could be squeezed out of (mainly LNG) exporters -- probably only on an emergency basis -- there is no substantial, immediately available gas which could compensate for any significant interruption of Russian gas supplies,"

Two newly announced North American initiatives aim to accelerate the deployment of fusion technologies for power generation. In Canada, Bruce Power, General Fusion, and the Nuclear Innovation Institute (NII) will work together to evaluate potential deployment of a fusion power plant in Ontario.

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.