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MNI Commodity Weekly: Structural Shift for Medium/Heavy Barrels

OIL

Executive Summary:


  • Structural Shift for Medium/Heavy Barrels: OPEC+ cuts, a swathe of new refining capacity and a switch in refining margins are placing more demand on heavier, more sulphurous barrels that are in tight supply in many markets as market dynamics shift.
  • Oil Markets: Crude has seen volatile trading this week after losing much of the extra geopolitical risk premium from last week as focus switches back towards the market balance. Diesel markets are weighing weak demand against a drop in Russian fuel exports while gasoline remains tight ahead of the summer driving season. (Pg.4)
  • Analyst Views: See analyst views on oil markets from leading names in the industry. (Pg.7)
  • Gas Markets: European gas prices have softened this week as fears of disrupted LNG flows from the Middle East abate, with TTF ranging between €28.26/MWh and €33.84/MWh. Global benchmark LNG prices remain in the $10s/Mmbtu range, with a steady supply to Asia and some gas to coal switching. US natural gas prices have trended upwards, supported by a recovery in LNG feedgas flows.(Pg.10)
Full piece here:

MNI Commodity Weekly - Structural Shift for Medium-Heavy Barrels.pdf

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