- WTI futures extended gains to $126/Bbl as President Biden plans to ban Russian oil
- Shell announced it will stop buying Russian crude and will phase out its other trading and business dealings (WSJ)
- The surge in oil prices has helped lift average gasoline prices in the U.S. to a record (AAA)
- U.S. lawmakers announced the outline of bipartisan legislation to bar Russian oil imports into the U.S. (Bloomberg)
- European Union governments are not so inclined to ban Russian energy as their reliance on Russia is greater
- TotalEnergies SE became the first big oil company to say its traders will no longer buy Russian crude
- Shell said it will cease buying Russian oil on the spot market and will not renew its term contracts unless directed by governments to do so
- The company warned that removing Russian volumes will lead to reduced throughput at some of its refineries