The US has become the world's oil barrel of last resort, single handedly keeping prices in the energy market from exploding even higher by selling a large chunk of its Strategic Petroleum Reserve.

Europeans enduring an unseasonal April cold snap may be forgiven for thinking winter is back. But for the natural gas market, summer has arrived. April 1 marked the start of a new year in the energy calendar, moving the focus to injecting enough gas into storage during the coming low-demand months in preparation for next winter. It’s a race Europe cannot afford to lose, but one it will struggle to win following Russia’s invasion of Ukraine.

The OPEC+ alliance warned of a “precarious” outlook as a resurgent coronavirus pandemic hurts oil demand, dropping further hints about a potential change of policy next month.

Futures are now at the lowest level in almost two decades after Saudi Arabia signaled it’s doubling down on a price war with Russia just as demand evaporates