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MNI Commodity Weekly: Ukrainian Drone Attacks Pressing Global Oil Markets

OIL

Executive Summary:


  • Ukraine Drone Attacks Pressing Global Oil Markets: Global oil and oil product markets try to weigh the impact of Ukrainian drone attacks on Russian refining activity to assess impact on OPEC+ commitments as well as the knock-on effect for global fuel markets. Capacity impact assessments by industry are wide ranging at present.
  • Oil Markets: (pg.4) Crude volatility is subdued with upside supply and geopolitical risks offset by global demand uncertainty as well as mixed OPEC+ output cut compliance. Diesel cracks continue to fall amid weak seasonal demand and returning US refining capacity while gasoline is supported ahead of the summer driving season.
  • Analyst Views: (pg.5) See the latest market opinions and outlooks from some of the biggest industry names.
  • Gas Markets: (pg.9) European natural gas prices have eased back from a rally at the start of the week following Russia’s attack on a western Ukrainian underground storage site. Bearish short-term fundamentals are limiting upside. US natural gas prices eased lower this week, with curtailed feedgas deliveries to US LNG terminals, amid Freeport maintenance and a small build in US natural gas inventories. Global LNG prices also eased back amid lackluster demand at the end of the heating season.

Full piece here:


MNI Commodity Weekly - Ukrainian Drone Attacks Pressing Global Oil Markets.pdf

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