The money lost is dwarfed by enormous profits both BP and Shell recorded this year on the back of soaring refining margins and high oil and gas prices.

U.S. commercial crude oil inventories increased by 5.5 million barrels to 432.0 million barrels.

Benchmark gas declined as much as 2.9%, sliding for a third session. The continent’s storage sites are 72% full, compared to the average for the previous five years of 70.1%, data from Gas Infrastructure Europe show.

China's crude stocks stood at an 11-month high of 945 million barrels in May, accounting for 63% of the country's crude storage capacity

"Sakhalin-1 is a valuable non-Middle East source for Japan, which depends on the Middle East for 90% of its crude oil imports," said Haguida, the minister for economy, trade and industry.

U.S. commercial crude oil inventories increased by 4.5 million barrels to 426.6 million barrels.

The boom in STS activity involving Russian crude came as Moscow's seaborne oil exports defied Western sanctions to hit post-pandemic highs of 4 million b/d in April 2022.

Russia has cut exports to Europe to multiyear lows this summer -- supplying less than a third of normal volumes -- and there’s no clarity on further moves.

The U.S. Department of Energy’s (DOE) Office of Fossil Energy and Carbon Management (FECM) announced an additional Notice of Sale of up to 20 million additional barrels of crude oil from the Strategic Petroleum Reserve (SPR).

U.S. commercial crude oil inventories decreased by 4.5 million barrels to 422.1 million barrels.

Gas prices jumped more than 10% following Gazprom’s decision to reduce Nord Stream flows even further. Moscow has been curbing shipments to the EU for months over apparent retaliation for the bloc’s support for Ukraine and sanctions over Russia’s invasion.

Natural gas flows from Russia to Germany via the Nord Stream pipeline will fall to 33 million cu m/d at 0700 Moscow time (0500 BST) due to the cessation of operations on another Siemens gas turbine at Portovaya

Most U.S. LNG exports went to the EU and the UK during the first five months of this year, accounting for 71%, or 8.2 Bcf/d, of the total U.S. LNG exports

U.S. commercial crude oil inventories decreased by 0.4 million barrels to 426.6 million barrels.

“The resumption this morning of flows along Nord Stream is likely to lead to a collective sign of relief from not just the European gas market, but from the wider economy,”