natural gas lower after dropping to more than 2year low oil futures moved lower monday extending their losses from last week with us prices on track for their lowest finish since december as uncertainty continues over the global demand outlook oil slumped last week as traders remained uncertain about the global demand outlook including the scope for increased consumption from china following the lunar new year another large jump in us stockpiles of crude also weighed on prices analysts said the european union on sunday imposed a ban on russian refined energy products following on an earlier ban on seaborne russian crude the ban will have the largest impact on russian diesel and naphtha flows to the eu however eu buyers have had time to prepare for the ban in the period leading to the cutoff there were increased flows of middle distillates to the eu and this has helped to push gas oil inventories in the ara amsterdanrotterdamantwerp region back up towards the 5year average said warren patterson and ewa manthey commodity strategists at ing in a monday note us treasury secretary janet yellen on friday said industrialized countries in the group of seven were imposing a price cap on refined russian oil products such as diesel and kerosene as part of a coalition that includes australia and a tentative agreement from the european union a similar cap was previously placed on russian oil exports with the aim of reducing the financial resources available to russian president vladimir putin to wage the nearly yearlong war in ukraine the g7 set a price cap of 100 on socalled highvalue russian exports such as diesel and gasoline and 45 on lowervalue products such as fuel oil the price caps are above the market price for reformulated gasoline and nearly in line with the market price for diesel said troy vincent senior market analyst at dtn it is unlikely that the caps will have a material impact on global supply oil prices were lower despite news reports that a major earthquake halted operations at turkeys oil terminal in ceyhan and flows through iraqs northern oil export pipeline from kirkuk turkish pipeline operator botas said there was no damage on main pipelines carrying oil from iraq and azerbaijan to turkey reuters reported meanwhile natural gas failed last week to benefit from a shortlived cold snap that brought extremely low temperatures to the us northeast after a couple nights of record temps in new england heating demand disappeared as fast as it appeared wrote analysts at the schork report on monday nearly threefifths of the way through heating season the market has delivered 1061 trillion cubic feet tcf of gas out of underground storage in the lower 48 us states  less than half of last summers 2262 tcf injection they said if nothing happens to change the trajectory storage is on track to end winter around 1742 tcf well above the energy information administrations forecast of 1493 tcf and last years ending balance of 1382 tcf the analysts wrote