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MNI Commodity Weekly: Venezuela Sanction Easing Hanging in the Balance

Photo by Shaah Shahidh on Unsplash
aerial photography of tanker ship
  • Venezuela Sanction Easing Hanging in the Balance: The Maduro administration has failed to uphold its side of the bargain to ensure oil & gas sanctions relief remains in place. US officials have threatened sanctions could be applied again but the Biden Administration appears to be in negotiations in the hope of cultivating a post-deadline resolution. *Also see section this week on market views summary post OPEC+ meet.
  • Oil Market: Oil markets maintain bearish sentiment in volatile trading with a lack of confidence that voluntary OPEC+ production cuts can offset strong non-OPEC supply as well as fears over compliance levels.
  • Gas Markets: Global gas benchmark prices fell to multi-week lows in recent days amid forecasts for milder weather in the northern hemisphere and abundant LNG supplies. Asian LNG prices are mirroring the bearish trend in European gas prices as global LNG demand remains muted and gas demand continues to the lag the five-year average. Record-level gas production in the US continues to weigh on Henry Hub prices.
Full piece here:

MNI Commodity Weekly - Venezuela Sanction Easing Hanging in the Balance.pdf

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