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.

Currently, the most expensive form of generation -- gas -- sets the price for all electricity that’s sold into the market. That means consumers are bearing the brunt of Russia’s supply cuts to the continent. It also means Europe isn’t feeling much of the benefit of low-cost renewables like wind farms, which get to sell at big margins.

According to preliminary data, Gazprom produced 344 billion cubic meters of gas from January through October 2022. This is a decrease of 18.6 per cent (or 78.8 billion cubic meters) versus the same period of last year.

U.S. commercial crude oil inventories decreased by 3.1 million barrels to 436.8 million barrels.

Dutch front-month gas, Europe’s benchmark, traded 2.4% higher at €119 per megawatt-hour by 8:43 a.m. in Amsterdam after losing 5.8% a day earlier.

“Türkiye, due to its geographical position, is an energy corridor from Russia, Iran, and Saudi Arabia. Any kind of natural gas or oil that is going to be transported or shipped, will cost less and will be shipped more safely,”