Global Oil Market - July 17

[dan_s]

From OilPrice.com

Oil market watchers have become senior macroeconomists lately, with price swings increasingly dependent on larger market sentiment. This week’s seesawing was in large part driven by the market expecting a 100 basis point hike, sending all global crude benchmarks crashing down to double digits, however as soon as the US Federal Reserve opted for a more modest 75 bps hike, ICE Brent bounced back to $102 per barrel. Following the recent hedge fund sell-off, it seems that there is still no consensus on the main driving trend in the markets – fears of economic recession are just as strong as the feeling of immediate physical tightness.

Biden Visit Ends Without Production Boost Promise. With President Biden’s visit to Saudi Arabia in full swing, senior US officials have confirmed that Washington is not expecting Riyadh to boost crude production immediately, lifting crude prices by $2/barrel in Friday’s trading.

Asian LNG Prices Feel the European Heat. Spot Asian LNG prices have been trending above $40 per mmBtu lately, with increasing cooling demand and outages in several key suppliers (Peru, Australia) adding a layer of upward pricing pressure, whilst gas-strapped Europe continues to see prices well above those in Asia. < Latest price for the Dutch TTF Natural Gas price was $51.44 per MMBtu.

Algeria Becomes Largest Gas Supplier to Italy. In an ongoing diplomatic row with Morocco and Spain, Algeria has been rerouting its gas exports to Italy and is now set to supply the southern European country with 25 bcm of natural gas, with increased throughput rates starting next week already.

Iraqi Export Capacity Upgrades Get Delayed. Whilst Baghdad has been maintaining that it would expand crude export capacity by 150,000 b/d (to 3.4 million b/d in total) thanks to new infrastructure in Basrah, that goal is now postponed into Sept-Oct amidst pumping station upgrade setbacks.

[dan_s]

Top Energy Regulator Warns Germany Won't Survive Winter Without Russian NatGas

https://www.zerohedge.com/commodities/t ... ian-natgas

[Fraser921]

Where is Gretta? Has she no shame?

I hope they freeze their woke asses off