Gas climbed while oil slipped — heating oil barely noticed

Oil and gas told different stories on Monday. Brent fell about 1.5–1.6% toward the high-$107s / low-$108s as traders weighed the US waiver on new Russia-related duties; WTI was softer too^1,3. European natural gas, by contrast, was quoted near €88.92/MWh, up about 1.6%, on worries about LNG from the Gulf and the need to refill storage before winter¹. EU underground storage was recently reported around 74.5% full on AGSI+-based trackers — well below the policy ambition of 90% by early winter^4,1.

German heating-oil buyers felt almost none of the crude dip. HeizOel24 noted Brent near $108.71 at midday, about a dollar below Friday’s close, while gasoil — the exchange foundation for heating oil and diesel — was still about $1,447.50 a tonne, above Friday afternoon’s $1,413, having only partly given back Friday night’s spike². That is why quotes in Germany and Austria barely moved².

Desk arithmetic, labelled as such: a barrel can fall while a litre of heating oil does not, if the refined contract that dealers hedge with stays elevated. Read gasoil and AGSI before you celebrate a Brent screen.