US to EU: Our liquefied natural gas is more reliable than Russia’s

U.S. Department of Energy Deputy Secretary Dan Brouillette talks about oil prices and demand, and the government's plan to meet rising Asian demand for natural gas.

In "Futures In Focus," Alan Knuckman of Agora Financial examines the impact of bitter cold U.S. weather on energy markets.

US Energy Secretary Rick Perry has encouraged the EU to buy liquefied natural gas from the US instead of Russia. US exports of LNG surged following a meeting between Donald Trump and Jean-Claude Juncker in July 2018.

The contract marks first such deal between the countries since they signed a peace pact in 1979. The historic partnership is set to last for 15 years.

Relying on Russia's natural gas poses ever greater problems for EU. Gas prices have risen to record levels and gas storage facilities are far from full. With Germany dependant on Russia's gas taps, energy supplies are becoming a powerful political weapon to use against the West.

Gas prices have risen to record levels and gas storage facilities are far from full. With Germany dependant on Russia's gas taps, energy supplies are becoming a powerful political weapon to use against the West.

Russia's Deputy Prime Minister Alexander Novak has said Moscow could cut off the flow of natural gas through the Nord Stream 1 pipeline, which links the country to Germany, in retaliation for sanctions imposed on its economy over the invasion of Ukraine. This latest threat comes as the United States is considering banning purchases of Russian oil. Novak warned that such a move could push prices as high as $300 a barrel. In early trading on Tuesday, the international benchmark Brent crude was trading at around $125.

The German government has activated its emergency plan for gas supplies, as fears rise that Russia could cut off the flow of gas to Europe. The early warning, announced by Economy Minister Robert Habeck, is the first of three stages in Berlin's emergency plan aimed at securing supplies. The move comes as Moscow insists it be paid in roubles for Russian gas. Also today, we report on how the sanctions on Russia are affecting the diamond trade in the Belgian city of Antwerp.

With Poland and Bulgaria cut off from Russian gas, major European energy firms are reportedly considering compliance with Moscow's demand to be paid in roubles. Over in the US, Archegos Capital's Bill Hwang pleads not guilty to fraud. Finally, amid a shortage of sunflower oil due to the Russian invasion of Ukraine, the French government has authorised food companies to change their recipes without altering their packaging.

EU member states have agreed to cut back on the use of natural gas to protect themselves against any further supply cuts by Russia. EU energy ministers agreed that all EU countries should voluntarily cut gas use by 15% from August to March, compared with their average annual use during 2016-2021.

Germany is opening a quay adapted to import liquified natural gas as Berlin pursues a rapid change to its energy strategy. Police say the construction site has been guarded amid fears of sabotage.

Talks are taking place in Brussels on a proposal to set the ceiling for the price of Russian natural gas at €275 per megawatt hour. The plan has come under criticism from all sides for either being too complicated, too high or unnecessary.