Prices have increased their rebound
European gas prices have increased their rebound yesterday, as the statements made by Russia’s Deputy Prime Minister Alexander Novak (saying that commercial gas deliveries via…
The EIA confirmed a decline in commercial crude stocks of about 6.7 mb, maintaining September delivery ICE Brent contracts at elevated levels, 74.5 $/b. There is increasing uncertainty around the OPEC meeting today as the Russian and Saudi delegations’ opinions diverge. We still believe they will deliver a 500 kb/d production increase. If that does not materialize, we think prices will remain at current levels, as the current financial length in futures contracts is already elevated.
Get more analysis and data with our Premium subscription
Ask for a free trial here