Jiangsu’s installed capacity for gas-fired power generation exceeded 13 GW in 2021,

Cuts to Russian supplies in recent months and fears of further curbs have prompted European energy companies to go hunting for new sources of gas to refill storage ahead of the winter.

Chancellor Olaf Scholz’s three-party alliance agreed at the end of March to cut the levy on fuel for three months from June 1 by 30 euro cents per liter for gasoline and 14 cents for diesel, costing the government about 3 billion euros ($3.1 billion) in lost revenue.

U.S. commercial crude oil inventories increased by 2.0 million barrels to 416.8 million barrels.

Russia's Gazprom said its supply of gas to Europe through Ukraine via the Sudzha entry point was seen at 40.1 million cubic metres (mcm) on Monday, unchanged from 40.1 mcm on Sunday.

Given that a lot of European companies were opting out of paying for Russian gas in rubles, they would have to scout for additional spot cargoes while Asia demand was strong, he said, adding that prices were likely to stay supported above $20/MMBtu in the near term.

Representatives from several European countries, including Romania, Serbia, Hungary and Italy travelled to Azerbaijan to discuss growing demand for gas in early June, in light of recent Gazprom cut offs and the threat that further sanctions could hit gas imports.

"The EU's decisions to partially phase out Russian oil and oil products, as well as to ban the insurance of Russian merchant ships, are highly likely to provoke further price increases, destabilize energy markets, and disrupt supply chains," the Russian Foreign Ministry said in a statement.

Asia is expected to account for about 40% of global incremental crude runs in 2022, with the US and Europe accounting for about 30% and 18%, respectively.

U.S. commercial crude oil inventories decreased by 5.1 million barrels to 414.7 million barrels.

Another group of officials, many based at Janet Yellen’s Treasury Department, worry about further strains on a global economy already suffering from supply-chain woes, inflation, volatile oil prices and a potential food crisis.

Gas exports to the countries beyond the FSU amounted to 61 billion cubic meters, which is 27.6 per cent (or 23.2 billion cubic meters) lower than the figure for the same period of 2021.

Gazprom completely suspends gas supplies to Shell Energy Europe Limited due to failure to pay in rubles

Gazprom completely suspends gas supplies to Denmark’s Orsted Salg & Service A/S due to failure to pay in rubles

First proposed on May 4, the EU's sixth sanctions package against Russia was designed to ban its crude imports into the bloc within six months and halt flows of its oil products by the year-end to help hit Moscow's oil revenues.