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MNI Commodity Weekly: Freeing Up Iranian Fleet Supportive of Russian Trade

OIL
  • Freeing Up Iranian Fleet Supportive of Russian Trade: Iranian vessels freed up from floating storage as exports from the country increase have helped to support the Russian fleet – limiting the potential impact of upcoming $60/bbl price cap sanctions on Western vessels no longer moving Russian barrels.
  • Oil Markets: Crude is trading higher as lower exports out of Russia suggest the country is complying with its announced production cuts before the upcoming August export commitment. Weak economic data out of China are providing downside as markets await further stimulus measures.
  • Gas Markets: European gas prices have trended lower with improved supplies from Norway as the first round of annual maintenance concluded. US gas prices have also eased back but an ongoing heatwave is limiting downside.

Full piece here:


MNI Commodity Weekly - Freeing Up Iranian Fleet Supportive of Russian Trade.pdf


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