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MNI Commodity Weekly: Russian Oil Sanctions Back in Spotlight

  • Russian Oil Sanctions Back in Spotlight: An apparent lack of G7 policing towards evident Russian oil sanctions breaches has placed pressure on officials to try and enforce them. Developments range from US probes on vessel owners thought to be moving Russian oil above the price cap while the EU considers blocking Russian oil vessels passing Denmark.
  • Oil Markets: Economic growth concerns for the US, China and Europe as well as stronger supply estimates weigh on crude markets despite easing risk factors for further US Fed tightening and upward revisions to IEA and OPEC demand forecasts this week.
  • Gas Markets: European natural gas prices have regained some ground in the past week as colder weather boosted demand, but forecasts do not suggest a sustained period of below-average temperatures in the northern hemisphere to significantly support prices. US natgas prices are drawing a similar picture, while above-average production is limiting upside. Asian LNG markets are similarly waiting for colder weather, while high stocks limit spot LNG appetite.
Full piece here:

MNI Commodity Weekly - Russian Oil Sanctions Back in Spotlight.pdf


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