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China & EU remain in focus

ENERGY
  • No significant data releases are expected today so focus is likely to remain on demand from China, global economic growth and EU demand for Russian energy.
  • The reduction of European demand continues to impact on Russian supply despite no formal EU oil sanctions. There has been no agreement from EU on a Russian oil ban and there may be no resolution before a meeting of leaders at the end of the month. In the meantime, individual countries continue to press ahead with plans to reduced dependence on Russian oil supply.
  • Later this week will see the expiry of the Brent Jul22 options and the weekly inventory data with refined product markets remaining tight.

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