OIL: MNI Commodity Weekly: High Levels of Russian Crude Exports Likely to Test OPEC’s Patience

Executive Summary:

• High Levels of Russian Crude Exports Likely to Test OPEC’s Patience – Russian seaborne exports are slipping but remain strong and continue to indicate the country has not met its 500,000 bpd cut commitments in a move likely testing the patience of OPEC’s members as they lose market share in Asia to its discounted barrels.
• Oil Markets - Crude markets edged higher on the week with support from China stimulus and OPEC cuts amid weak China economic data and ongoing inflation pressures in the US. Refining margins in the US and Europe are easing back after a surge higher driven by refinery outages.
• Gas Markets - TTF and Henry Hub trend higher with warm weather in Europe and US amid ongoing Norway maintenance adding to European tight supply concerns and volatile trading.

Full piece here:

MNI Commodity Weekly - High Levels of Russian Crude Exports Likely to Test OPEC’s Patience.pdf