May 08, 2024 15:13 GMT
MNI Commodity Weekly: Canadian Oil Producers Bullish on TMX Price Impact
Executive Summary:
- Canadian Oil Producers Bullish on TMX Price Impact: The Trans Mountain Expansion startup this month is expected to be bullish for Canadian producers longer term as wider access to markets tightens typical differentials, though questions remain around logistical constraints.
- Oil Markets: Brent crude has fallen to the lowest since March as the geopolitical risk premium reduces and weak fuel demand weighs on prices while focus remains on the Middle East, OPEC+ policy and future US Fed rates. Weak seasonal demand also adds downward pressure to gasoline prices as Russia proposes relaxing its gasoline export ban. (Pg.3)
- Analyst Views: See latest analyst views across biggest names in oil markets. (Pg.6)
- Gas Markets: European Gas markets have ticked up this week, as Norwegian outages balance against expectations of milder weather, with TTF in a range of €28.86/MWh to €32.10/MWh. LNG prices has found some support due to early summer heat in parts of Asia. (Pg.9)
Full piece here:
MNI Commodity Weekly - Canadian Oil Producers Bullish on TMX Price Impact.pdf
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