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MNI Commodity Weekly - OPEC Cuts Fail to Sustain Crude Upside

ENERGY

Executive Summary:

  • OPEC+ Decisions Failed To Support Prices Beyond Short-Term: The recent OPEC+ meeting caused some short-term bullish sentiment for crude, but the momentum failed to sustain with upside limited by the voluntary nature of production cuts, the missing OPEC-wide response, and the uncertainty around H2 demand.
  • Oil Market: Crude trading near to the pre-OPEC meeting levels with economic slowdown concerns in US and China and robust Russian output weighed against the latest voluntary production cuts from Saudi Arabia and the ongoing halt to northern Iraqi output.
  • Gas Market: European gas market has seen very volatile trading this week with price surges driven by LNG import concerns highlighting the market sensitivity to changes in supply, but remains weak due to low demand and healthy storage.
Full piece here:


MNI Commodity Weekly - OPEC Cuts Fail to Sustain Crude Upside.pdf


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