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MNI Commodity Weekly: Venezuela Turning to Russia and Iran as Oil Sanction Return Looms

Executive Summary:

  • Venezuela Turning to Russia and Iran as Oil Sanction Return Looms: Increasingly resigned to the return of oil sanctions in April, Venezuela is furthering its oil ties with Iran and Russia.
  • Oil Markets: Crude holds within a $10/bbl range but backwardation strengthens as markets assess ongoing geopolitical risks, OPEC+ production uncertainty and global demand concerns. Refinery margins have pulled back amid easing US refining outages but supply concerns keep European diesel markets tight.
  • Gas Markets: European natural gas prices eased further this week with limited expectations for an uptick in heating demand for the remainder of this winter. Global LNG prices also remain bearish as high inventories, mild weather and the Lunar New Year holiday curbed LNG appetite. US Natgas prices spiked in the middle of this week after one producer announced lower natural gas output levels for this year.
Full piece here:

MNI Commodity Weekly - Venezuela Turning to Russia and Iran as Oil Sanction Return Looms.pdf

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