Russian oil for the Russian people?
Brent futures prices remained range-bound on Monday at about 55.5 $/b as the dollar strengthened, weakening buying interest. At the same time, Russian exports were…
European gas prices weakened again yesterday, still more sensitive to warmer weather and negative clean spark spreads on the spot and the month-ahead than to the drop in pipeline supply. Due to a series of unplanned outages, Norwegian flows have reversed their recent uptrend, averaging 318 mm cm/day yesterday, compared to 324 mm cm/day on Friday. Russian flows on their side continued to drop, at 260 mm cm/day on average, compared to 267 mm cm/day on Friday, significantly below the 371 mm cm/day on average of December 2020. The drop in US Henry Hub prices (as production issues eased) provided additional downward pressure.
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