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MNI COMMODITY WEEKLY: Renewed Interest in Drone Strikes on Russian Energy Infrastructure

OIL

Executive Summary:


  • Renewed Interest in Drone Strikes on Russian Energy Infrastructure: With the upper hand on the ground moving in Moscow’s favour, Ukraine has set its sights on targeting Russia’s oil and gas facilities.
  • Oil Markets: Oil markets are still showing no clear direction amid competing upside and downside risks this year. Tighter refining margins are driven by drone attacks on Russian facilities and shipping disruption, although US refinery runs are slowly recovering outages. (from pg. 4)
  • *See also Market Analyst Views (from pg.5)
  • Gas Markets: Global natural gas and LNG benchmark prices halted last week’s rally to trade lower this week. European natural gas prices eased back amid forecasts for mild weather until the end of the heating season, while US natural gas prices retreated due to curtailed feedgas flows to LNG terminals with the ongoing outage at the Freeport export facility in the US. Low Asian LNG spot prices failed to significantly lift buying, while the market remains well supplied despite ongoing outages in Asia and the US. (from pg.9)

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MNI Commodity Weekly - Renewed Interest in Drone Strikes on Russian Energy Infrastructure.pdf

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