U.S. Rig Count is down 1 from last week to 763, Canada Rig Count is down 2 from last week to 201.

Brent fell 49 cents, or 0.5%, to $99.11 a barrel, WTI fell 50 cents, or 0.5%, to $93.84 a barrel.

The price of OPEC basket of thirteen crudes stood at $101.29 a barrel

For 2023, the forecast for world oil demand growth remains unchanged at 2.7 mb/d, with total oil demand averaging 102.7 mb/d.

The spot price of Brent crude oil averaged $71 per barrel (b) in 2021, and we forecast the Brent price will average $104/b in 2022 and $94/b in 2023.

Benchmark German power for next year rose as much as 4.5% to a record 446 euros a megawatt-hour on the European Energy Exchange.

With nearly half of German homes relying on gas for heating, the country faces potential rationing if it fails to secure sufficient reserves.

Under the government’s latest “reasonable worst-case scenario,” Britain could face an electricity capacity shortfall totaling about a sixth of peak demand, even after emergency coal plants have been fired up, according to people familiar with the government’s planning.

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.

Brent fell $1.34, or 1.4%, to $95.31 a barrel, WTI dropped $1.25, or 1.4%, to $89.51.

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.

Hard-coal output averaged 6.36 GW for Week 31 (Aug. 1-8), up 21% week-on-week, while gas fell 24% to 4.26 GW.

Brent were down 51 cents, or 0.5%, at $94.41 a barrel, WTI was at $88.58 a barrel, down 43 cents, or 0.5%.

The price of OPEC basket of thirteen crudes stood at $100.01 a barrel