OIL: MNI Commodity Weekly: BRICS Meeting Highlights Changing Alliances Crucial for Oil Markets

BRICS Meeting Highlights Changing Alliances Crucial for Oil Markets: Little in the way of announcements are expected out of the BRICS meeting this week but emerging alliances separate to western influence indicate longer term trade alliances that will be crucial for oil and energy.

Oil Markets: Crude falls with global economic concerns led by China and the US as well as signs of other increased supplies offsetting Saudi and Russian output cuts.

Gas Markets: TTF surges to its highest since early April before pull back as global gas markets awaits news regarding potential LNG strikes in Australia. US Henry Hub is drifting lower driven by ongoing strong production and with a dip in supplies to US LNG export terminals.

See also our latest on Australian LNG strike negotiations.

Full piece here:

MNI Commodity Weekly - BRICS Meeting Highlights Changing Alliances Crucial for Oil Markets.pdf