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MNI Commodity Weekly: Middle East Instability Draws Questions Around Iranian Barrels

OIL

• Middle East Instability Draws Questions Around Iranian Barrels but US Intelligence Quashing Fears: Weekend attacks on Israel highlight the potential for further instability across the Middle East as a whole, drawing questions about both Iranian and Saudi oil impacts due to the complicated nature of relationships in the region. US intelligence however may counter Iranian involvement.


• Oil Markets: Crude markets hold rangebound after a rally driven by conflict in Israel although the limited impact of flows and ongoing demand concern are constraining upside moves. Latest US intelligence breaking this now to the downside. Gasoline cracks are finding support after falling since mid-August on weak demand data.



• Gas Markets: European natural gas prices spiked back to €50/MWh amid possible supply disruption from the conflict in Israel, the Balticconnector pipeline leak and Australian strikes, while natural gas demand for heating is also expected to pick up amid colder weather. US natgas surged in the past week due to higher LNG exports and an uptick in demand.


Full piece here:


MNI Commodity Weekly - Middle East Instability Draws Questions Around Iranian Barrels but US Intelligence Quashing Fears.pdf

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