China’s coronavirus cases hit record high
Russia tanker fleet too small to avoid price cap
China/India slow purchases of Russian crude
United States to relax Venezuela oil sanctions
Europe hit by high gas prices for years ($FT)
BRENT’s six-month calendar spread fell to a backwardation of just over $2 per barrel on November 23, down from almost $9 a month earlier, and a high of almost $22 in early March, shortly after Russia invaded Ukraine. The spread has been easing consistently for a month and has fallen to its lowest level since December 2021. The business cycle downturn is expected to offset production restraint by OPEC⁺ and U.S. shale firms while traders anticipate Russia’s oil exports will continue flowing despite sanctions and the planned price cap:
JKempEnergy.com 