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MNI Commodity Weekly: Iran-Israel Tensions Return to the Spotlight for Oil Markets

OIL

(10/04/2024)


Executive Summary:


  • Iran-Israel Tensions Return for Oil Markets: Six months into the war in Gaza and following an attack on Iranian personnel in Damascus, geopolitical fears in the Middle East are once again front and centre for energy markets.
  • Oil Markets: Oil markets have traded in a $3/bbl range this week, although focus remains on upside risks from Middle East tensions and tight supply expectations. US diesel cracks resumed a trend lower amid weak seasonal demand, but gasoline cracks have seen more relative strength with tight supply expected into the summer season. (from pg.3)
  • Analyst Views: See latest oil market views by leading market participants and energy industry analysts. (from pg. 5)
  • Gas Markets: European gas prices have rebounded this week amid curtailments in Norwegian pipeline supplies ahead of spring maintenance later this month. Global LNG prices also edged higher on the back of higher European gas benchmark prices. Meanwhile, US Henry Hub prices increased due to a downward revision in temperature forecasts, lower domestic production and a slight increase in feedgas flows to US LNG terminals. (from pg.10)
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