ENERGY: Putin Comments Add Some Bearish Pressure, But Moves Retracing
Nov-27 13:43
RUSSIA-UKRAINE - Energy complex comes under some bearish pressure following Putin’s comments on the Ukraine peace plan, which appear to indicate at least some willingness to continue negotiations ahead of a planned Putin-Witkoff meeting next week.
- Putin said that the US peace plan could be a basis for a Ukraine deal. However, it is worth noting that Putin has said some peace plan points ‘require discussion.’
- Security guarantees, limits on Ukraine’s army and territorial concessions are likely to be key sticking points that could sink a deal.
- Brent fell ~$0.4/bbl on the comments but failed to reach daily lows and has moved slightly higher since. Volumes are thin amid the US Thanksgiving holiday.
- TTF fell to around 28.87 EUR/MWh but has since recovered the majority of the loss.
- Brent JAN 26 down 0.2% at 63.02$/bbl
- WTI JAN 26 unchanged at 58.65$/bbl
- TTF DEC 25 down 1.4% at 28.95€/MWh
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