Indian refiners shifting away from Russian oil caused oil product prices to spike while crude prices remained stable. Gasoline inventories hit a 12-year low at 205.06 million barrels. Distillate inventories in the US are at 110.91 million barrels, close to a five-year low, supporting product strength during the winter season.

Oil markets are bearish, despite Ukrainian attacks on Russian energy infrastructure. Brent crude for December delivery traded at $63.32/bbl, with WTI at $59.28/bbl. Attacks on Russian Black Sea export terminals highlighted export vulnerability. US natural gas prices soared to $4.55/MMBtu due to high demand, while Europe’s gas prices fell to $30.870/MW.

Europe’s gas prices are depressed due to warmer weather forecasts, leading to lower heating demand. Gas inventories stood at 95.784 billion cubic meters, above the 90% storage target. Weather patterns supporting renewable power generation have dampened European natural gas prices. Dunkelflaute poses challenges for electricity grids relying on renewables.

Read more at Yahoo Finance: U.S. Gasoline Inventories Sink To 12-Year Lows