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.

India has emerged as a key buyer of Russian energy in the wake of the invasion, scooping up millions of barrels of discounted crude shunned by Europe and the US.

Germany, which has the European Union’s biggest economy, and other countries intend restarting mothballed coal-fired power plants and extending the life of their nuclear power plants to reduce their reliance on Russian gas and coal following its invasion of Ukraine.

The EU’s energy agency, Acer, has warned against tearing up the market structure. In a report in April, it said that the EU’s wholesale electricity markets work well under normal conditions, ensuring secure electricity supply.

Gazprom's gas exports to Europe have slumped in 2022, but record high gas prices meant the company was still able to post record revenues and net profit for the first half.