🛢️ Oil results for the week: growth amid geopolitical tensions
Oil prices are showing growth for the second week in a row (+1%). Brent remains above $68/bbl. Hopes for peace in Ukraine are fading, while tensions between the US and India remain high.
Key events:
▪️ Europe threatens secondary sanctions against buyers of Russian oil (India, China, Turkey). This could hit exports and technology.
▪️ Saudi Arabia is preparing to lower oil prices for Asia in October by $0.50–0.70/bbl due to a seasonal decline in demand.
▪️ Europe threatens secondary sanctions against buyers of Russian oil (India, China, Turkey). This could hit exports and technology.
▪️ Saudi Arabia is preparing to lower oil prices for Asia in October by $0.50–0.70/bbl due to a seasonal decline in demand.
▪️ A pipeline in Ust-Luga has been damaged. Russian oil exports through the Baltic Sea may fall by half to 350,000 barrels per day.
▪️ The Phillips 66 refinery in Los Angeles will close a week ahead of schedule This will create a fuel shortage in California.
▪️ The Phillips 66 refinery in Los Angeles will close a week ahead of schedule This will create a fuel shortage in California.
▪️ OPEC+ will meet on September 7 to assess the market and possible production cuts. Expect volatility!
Conclusion: The market is waiting for momentum from the OPEC+ meeting. Geopolitics and sanctions continue to dictate trends.
Conclusion: The market is waiting for momentum from the OPEC+ meeting. Geopolitics and sanctions continue to dictate trends.
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