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MNI Commodity Weekly: Oil Markets Look Towards OPEC Meet After Geopolitical Risks Fade (May 14, 2024)

Summary:

  • Oil Markets Look Towards OPEC Meet After Geopolitical Risks Fade: The latest OPEC meet June 1 is expected to see a rollover in current cuts but markets remain on edge after the last gathering highlighted a lack of cohesion in the group resulting in Angola leaving.
  • Oil Markets: Crude prices are falling with focus on global demand offsetting Middle East tensions and a possible OPEC+ output cut extension. Oil product prices are under downside pressure with signs of weak fuel demand as gasoline cracks fall to the lowest since late February. (Pg.4)
  • Analyst Views: See latest market outlooks by biggest industry names. (pg.7)
  • Gas Markets: European Gas markets have edged down slightly this week, as Norwegian outages abate and warmer weather covers Europe, with TTF in a range of €29.165/MWh to €31.480/MWh. LNG imports are expected to rebound in Asia as rising temperatures boost cooling demand. (Pg.9)
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