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MNI Commodity Weekly: Russian Oil Product Ban Adds to Market Tightness

OIL


  • Russian Oil Product Ban Adds to Market Tightness: Oil markets expect the Russian oil product ban to be short lived but markets remain poised that it is another attempt to weaponize energy and add further woes to central banks in their bid to fight cost of living battles.
  • Oil Markets: Crude markets regain strength driven by OPEC+ cuts and demand optimism ahead of the China Golden Week, following a small technical correction lower. Product cracks trend lower on strong exports from Asia and despite the Russian fuel export ban.
  • Gas Markets: European natural gas prices continue their volatility. The TTF front month rose to the highest level in over three months on Monday, supported by further constraints to Norwegian supplies, forecasts for colder weather in the region and seasonal maintenance at US LNG terminals. Prices have since eased as Norwegian flows recover, while gas demand is expected to remain low. US natgas prices declined on the week, amid mixed temperature forecasts, lower feedgas flows to US LNG terminals and slightly higher production.
Full piece here:

MNI Commodity Weekly - Russian Oil Product Ban Adds to Market Tightness.pdf

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