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MNI Commodity Weekly: Persistent Geopolitical Risks Fail to Push Oil Markets Out of Range

OIL

Executive Summary:


  • Oil Markets: The crude market focus switches to upside risks from a possible OPEC+ cut extension and geopolitical risks but still holds within the recent trading range. Gasoline margins have rallied amid tight supplies due to refinery outages.
  • *See summary of market analyst coverage. (Starts pg.3)
  • Gas Markets: European natural gas prices have rebounded this week amid slightly curtailed Norwegian supplies, while overall short-term fundamentals remained bearish with forecasts for mild weather and high gas inventories. US natgas prices have extended last week’s gains, supported by a dip in natural gas production. Global LNG benchmarks continued the bearish trend on muted demand. (Gas section start pg.7)

Full piece here:

MNI Commodity Weekly - Persistent Geopolitical Risks Fail to Push Oil Markets Out of Range.pdf

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