Executive Summary:
Saudi and Russian Cut Efforts Driving Sour Grades: Saudi and Russian barrels are coming off the market as part of OPEC+ commitments which is driving sour crude grades in the Atlantic basin as traders try to secure similar specification alternatives. Oil Markets: A tighter market pushes crude higher with Saudi Arabia production cuts, signs of lower Russian exports and the potential for further China policy support measures offsetting concerns of central bank monetary tightening. Gas Markets: TTF front month falls to the lowest since early June on recovering Norwegian and LNG supply and with European natural gas storage levels now over 80%. Warmer weather and steady production have supported US natural gas.
Full piece here:
MNI Commodity Weekly - Saudi and Russian Cut Efforts Driving Sour Grades.pdf
