U.S. commercial crude oil inventories decreased by 1.9 million barrels from the previous week to 411.6 million barrels.

But events in Europe may cause a rethink about natural gas, both as a transition fuel in the United States and a foreign policy tool.

Russian hackers, which are often linked to the state, are believed responsible for the Colonial Pipeline hack last spring that sent the eastern U.S. into a fuel frenzy.

On March 1, the U.S. Department of Energy committed to releasing 30 million barrels of crude oil from the U.S. Strategic Petroleum Reserve (SPR) to ensure an adequate supply of petroleum in response to Russia’s further invasion of Ukraine.

Combined, solar and wind grew by 15.96% and accounted for more than one-eighth (13.05%) of U.S. electrical generation (wind - 9.12%, solar - 3.93%).

U.S. Rig Count is unchanged from last week at 650, Canada Rig Count is down 7 from last week to 217.

The Northeast Asia thermal coal price assessment 5,750 NAR rose $28.23 on the session to $248.63/mt.

U.S. commercial crude oil inventories decreased by 2.6 million barrels from the previous week to 413.4 million barrels.

Russia and India in December signed new energy cooperation agreements, including a contract for Rosneft to ship almost 15 million barrels of crude to India in 2022, according to government and company statements.

The United States aims to instal 30 GW of offshore wind by 2030. At the regional level, New York and New Jersey have set the target of installing 16 GW of offshore wind by 2035.

Despite the latest unloading of Russian petroleum products in the US, shipments have recently been in decline. US imports of Russian crude oil have fallen to roughly 13,500 b/d since Jan. 1, down from an average of 199,000 b/d in 2021, according to the latest US data, reflecting declining reliance on Russian crude as the Ukraine crisis escalated.

The challenges are immense for the United States related to: raw material availability; manufacturing capacity; dependence on foreign supplies; worker training; global trade practices; cybersecurity; and research and data analysis needed to create the clean energy economy we need.

U.S. Rig Count is up 5 from last week to 650, Canada Rig Count is up 4 from last week to 224.

The United States aims to instal 30 GW of offshore wind by 2030. At the regional level, New York and New Jersey have set the target of installing 16 GW of offshore wind by 2035.

U.S. commercial crude oil inventories increased by 4.5 million barrels from the previous week to 416.0 million barrels.