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Weaker Russian Flows Keeps Oil Market Rising

OIL

Oil makes further gains today as it rides on the back of earlier comments by Novak that Russia may cut production by 500,000-700,000 bpd early next year as a result of western sanctions blunting demand for its crude.

  • There is also growing data that current Russian seaborne exports have slowed on the latest sanctions that commenced December 5. Reuters reported a 20% drop in Baltic exports this month.
  • The price cap appears to be denting ESPO sales to Asia because they are priced above $60/bbl – a rate at which western shipping services are no longer offered.
  • The Russia news has rebuffed downward sentiment out of China of soaring infection rates which is dampening the oil product demand comeback that oil’s recovery has hinged on through most of December.
  • Brent FEB 23 up 3.3% at 83.62$/bbl
  • WTI FEB 23 up 3.4% at 80.16$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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