OIL: MNI Commodity Weekly: Saudi Crude Supply Cuts Fight Russia and Iran Gains

• Saudi Crude Supply Cuts Fight Russia and Iran Gains: Saudi has made substantial cuts to its oil supplies this year as part of voluntary efforts to shore up oil markets. Meanwhile, its efforts have battled Russia and Iranian gains, negating much of purpose of shoring supplies against a weakening demand backdrop.
• Oil Markets: Crude falls through technical support levels amid easing Middle East supply fears, US and China demand concerns and with rising Russia supplies. Gasoline cracks are seeing limited support with demand edging higher.
• Gas Markets: European natural gas prices are hovering around €45/MWh as bearish short-term fundamentals and eased upside risk from the Middle East conflict weighed on prices in the past week. US Natgas has also been trending lower this week due to high production and mild temperature forecasts. Asian LNG prices have been relatively stable on the week, with China and South Korea driving North Asian LNG demand this month.

MNI Commodity Analysis - Saudi Crude Supply Cuts Fight Russia and Iran Gains.pdf