But now major trading houses are winding down deals ahead of a 15 May deadline to halt all transactions with state-controlled Rosneft, Gazprom Neft and Transneft. Brent last traded at $ 105/bbl and WTI $102/bbl.ĭespite mounting international pressure and falling oil production, Russian exports have so far held up by and large. Amid the widening supply and demand uncertainties, oil market volatility remains rife, but prices are trading in a lower and narrower $10/bbl range above $100/bbl. Even so, steadily rising output elsewhere, coupled with slower demand growth, especially in China, is expected to fend off an acute supply deficit in the near term. If agreed, the new embargoes would accelerate the reorientation of trade flows that is already underway and will force Russian oil companies to shut in more wells. Russia’s isolation following its invasion of Ukraine is deepening as the EU and G7 contemplate tougher sanctions that include a full phase out of oil imports from the country. High crude prices and exceptional product cracks are supporting strong inflation trends. Rapid early-May advances on the sixth round of EU sanctions for Russia drove renewed price tensions. ICE Brent last traded around $105/bbl and WTI $102/bbl. Crude prices fell in April to trade in a narrow $10/bbl range above $100/bbl. ![]() ![]() Preliminary data for April show OECD industry inventories increased by 5.3 mb. OECD industry stocks rose by 3 mb to 2 626 mb, but remained 299 mb below the five-year average. In the OECD, the release of 24.7 mb of government stocks during March halted the precipitous decline in industry inventories.
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