OIL: MNI Commodity Weekly: OPEC+ Announcements Lack Sway but May Yield More Power Year End

Executive summary:

• OPEC+ Announcements Lack Sway but May Yield More Power Year End: Saudi Arabia and Russia’s commitment to shore up global crude supplies failed to make much traction as the overriding theme of weak economic sentiment in a high interest environment maintain their hold on the market.
• Oil Markets: Crude edging higher this week after extended Saudi production cuts but upside is limited by disappointing economic data. Refinery margins have dipped amid weak demand concerns and returning global supplies.
• Gas Markets: European and US gas prices trend higher with warm weather supporting both regions while tight supply continues to drive TTF market volatility.

Full piece here:

MNI Commodity Weekly - OPEC+ Announcements Lack Sway but May Yield More Power Year End.pdf