Prices weakened as the bullish impact of the demand for payment in rubles faded
European gas prices weakened on Friday as the bullish impact of Moscow’s decision to demand payment for its gas in rubles faded. On the pipeline…
After a bull run placing Brent prompt price below 70 $/b on Friday, the rally continued on Monday as Saudi top intelligence officials reported a failed drone strike by the Houthis on the Ras Tanura oil farm. Ras Tanura is the key chokepoint of the global oil supply, with 3.5 mb/d of export capacity. On Sunday, Saudi Aramco unveiled its official selling prices for its crudes, raising differentials to Asia. Chinese crude oil exports recovered in January and February to 11.1 mb/d growing by 4% y/y.
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