Egypt has two LNG export facilities -- the 7.2 million mt/year Shell-operated Idku facility and the smaller Eni-operated 5 million mt/year Damietta plant.

Failure to reach a deal would send a signal that the EU’s united response to the war-driven energy crisis is falling apart -- a political gift for Moscow that Europe is keen to avoid.

U.S. commercial crude oil inventories decreased by 3.7 million barrels to 431.7 million barrels.

Exceptionally mild weather across Northwest Europe since October has led to a sharp drop in gas prices from record levels over the summer.

This agreement is the second LNG SPA between QatarEnergy and Sinopec, following the 10-year SPA signed in March 2021 for the supply of 2 Mt/year (2.8 bcm/year) to China.

Independent estimates indicate that the U.S. needs to expand electricity transmission systems by 60% by 2030 and may need to triple current capacity by 2050 to accommodate the country’s rapidly increasing supply of cheaper, cleaner energy and meet increasing power demand for electric vehicles and electric home heating and reduce power outages from severe weather.

Meanwhile, the European Union is continuing talks about ways to limit spikes in gas prices ahead of a meeting of energy ministers next week.

U.S. commercial crude oil inventories decreased by 5.4 million barrels to 435.4 million barrels.

Benchmark gas futures settled 9.2% higher, following an increase of 16% on Monday. Freeport LNG in Texas will likely extend an outage that began in June, increasing global competition for much-needed supplies right before the winter.

According to preliminary data, Gazprom produced 359.7 billion cubic meters of gas from January 1 through November 15, 2022. This is a decrease of 19.2 per cent (or 85.3 billion cubic meters) versus the same period of last year.

The Netherlands, Poland, Spain, France and Italy have been the top five destinations for Saudi oil in the region this year, all of which have also been regular buyers of Russian crude.

Gas prices soared this year tracking the Russia-Ukraine war. But even if there was some peace settlement or an agreement with Ukraine, non-Russian gas will likely continue to attract a premium

U.S. commercial crude oil inventories increased by 3.9 million barrels to 440.8 million barrels.

China and India remain the main destination for Russian crudes in the wake of the Ukraine war, accounting for 58% of all seaborne Russian crude exports in October.

Risks over existing gas supplies from Russia will continue through the coming months, with just one pipeline route open to the biggest European customers.