Europe's Gas Stores, Gazprom: Your Daily Energy News

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Energy Market highlights gathered by Industrial Info and IIR Energy

GOVERNMENT
EU Leaders Back Refilling Gas Stores for Next Winter - European Union countries should immediately start refilling their gas stores to prepare for next winter and provide a buffer against supply shocks, EU country leaders will say at a summit next week. Russia's invasion of Ukraine prompted leaders from the EU's 27 member countries to agree last week to phase out their reliance on Russian fossil fuels, including by ramping up liquefied natural gas (LNG) imports and speeding up deployment of renewable energy. "Refilling of gas storage across the Union should start now. Member States and the Commission will urgently coordinate measures necessary to ensure adequate levels of gas storage before the next winter," said a draft of the conclusions for an EU leaders summit on March 24-25. (Reuters)

NATURAL GAS
Russia's Gazprom Says Gas Exports Outside Ex-Soviet Union Down 28.5% - Russian energy giant Gazprom (Moscow) said on Tuesday that natural gas exports outside former Soviet Union countries fell by 28.5% year on year to 30.7 billion cubic meters (Bcm) in the period from January 1 to March 15. It also said that its gas output for that period stood at 111.5 Bcm, broadly unchanged from the same period in 2021. (Reuters)

CRUDE OIL
Oil Plunges More than 6% - Oil prices tumbled more than 6% to their lowest in almost three weeks on Tuesday as supply disruption fears eased and surging COVID-19 cases in China spurred demand concerns. Brent futures fell $6.99, or 6.5%, to settle at $99.91 a barrel, while U.S. West Texas Intermediate (WTI) crude oil fell $6.57, or 6.4%, to settle at $96.44 a barrel. Both contracts settled below $100 per barrel for the first time since late February.

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About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.

About Industrial Info
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on LinkedIn.