Daily Energy Report

August 13, 2026

Oil prices declined by about 2% today, with Brent closing below $87/b. While such declines have become normal on trading days since the Hormuz crisis began, yesterday’s news likely influenced today’s trading: a massive crude inventory build in the US combined with reduced demand expectations from both OPEC and the IEA (all discussed in yesterday’s report).The Houthis claimed an attack on the Jazan refinery in Saudi Arabia. Although the claim is unconfirmed, such attacks have no impact on the oil market simply because the refinery is already closed. The Ukrainian drone attack on the Gazprom Neftekhim Salavat complex, a massive facility, also has little impact on global markets because most of its production is directed at domestic markets. Any effect, depending on the extent of the damage, would more likely be felt on the fertilizer side.In short, with limited fresh news today, yesterday’s developments appear to have weighed on prices. Regardless, one thing is clear: gasoline and diesel prices will remain high, no matter what happens to crude oil prices.

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In July 2026, the European Union continued to rely heavily on pipeline gas while steadily increasing its dependence on liquefied natural gas (LNG). According to data compiled from Kpler, ENTSOG, and Energy Outlook Advisors (EOA), pipelines accounted for 61.3% of total EU natural gas and LNG imports, while LNG made up the remaining 38.7%.

Pipeline Imports

• Norway: 37.4%

• Algeria: 12.5%

• Russia: 6.7%

• Azerbaijan: 4.6%

• Libya: 0.1%

LNG Imports

· USA (LNG): 22.1%

• Others (LNG) (including Nigeria, Peru, Trinidad and Tobago, and Mauritania): 7.8%

• Russia (LNG): 6.0%

• Norway (LNG): 2.2%

• Algeria (LNG): 0.6%

US LNG alone represented more than half of all LNG arriving in the EU and over one-fifth of total EU gas imports.