Brent was down $2.33, or 2.4%, to $93.41, WTI trading to $87.02, up 15 cents from Friday's close.

Revert to the production level of August 2022 for OPEC and non-OPEC Participating Countries for the month of October 2022 as per the attached table, noting that the upward adjustment of 0.1 mb/d to the production level was only intended for the month of September 2022.

Still, gas and electricity prices pared some of their large gains from earlier in the day as traders weighed the intervention plans.

Benchmark energy futures fell after jumping on Monday, with Dutch front-month gas losing as much as 13% and German year-ahead power falling 11%.

Russian flows of gas via the Nord Stream 1 pipeline, which runs under the Baltic Sea to Germany, remained at zero on Tuesday after Russia scrapped a Saturday deadline to resume flows following maintenance.

Newcastle futures for October jumped 5% to $463.75 a ton Monday, according to ICE Futures Europe, to the highest price in data stretching back to January 2016. Europe’s benchmark coal price is also trading at a record.

Brent advanced by $2.45, or 2.6%, to $95.47 a barrel, WTI was up $2.13, or 2.5%, at $89.

Gas prices surged more than 35% on Monday as traders reacted to Russia’s decision to keep its main gas pipeline shut indefinitely.

That should help to make future decision making easier. But it is not going to help keep us warm this winter or indeed even in winter 2024.

China imported six LNG cargoes of about 71,000 mt each from Russia's Yamal LNG terminal and three cargoes of about 62,000 mt each from the Sakhalin LNG terminal,

The Worldwide Rig Count for August was 1,825, up 50 from the 1,775 counted in July 2022,and up 391 from the 1,434 counted in August 2021.

U.S. Rig Count is down 5 from last week to 760, Canada Rig Count is up 7 from last week to 208.

Brent settled down $3.28 at $92.36 a barrel, WTI fell $2.94, or 3.3%, to $86.61 per barrel.

German year-ahead electricity futures plunged as much as 54% from Monday’s peak above 1,000 euros a megawatt-hour as the European Union considers various measures to intervene in the market to damp runaway energy costs crippling economies across the bloc.

Brent fell $2.10, or 2.2%, to $93.54 a barrel, WTI slid $1.86, or 2.1%, to $87.69 a barrel.