Oil Posts Another Weekly Gain Due to Supply Concerns

By The Al Attiyah Foundation, Qatar

Cover Image Attribute by Dr StClaire from Pixabay
Cover Image Attribute by Dr. StClaire from Pixabay  

Oil prices rose nearly 1.5% on Friday, posting a second straight weekly increase as impending European Union sanctions on Russian oil raised the prospect of tighter supply and had traders shrugging off worries about global economic growth. Brent futures rose $1.49 to settle at $112.39 per barrel. U.S. West Texas Intermediate crude climbed $1.51 to $109.77 a barrel. WTI gained about 5% for the week, while Brent nearly 4%. The E.U. is tweaking its sanctions plan, hoping to win over reluctant states and secure unanimous backing from the 27 member countries, three E.U. sources told Reuters. The initial proposal called for an end to E.U. imports of Russian crude and oil products by this year. They ignored calls from Western nations to hike output more; the Organization of the Petroleum Exporting Countries, Russia, and allied producers (OPEC+) stuck with their plan to raise its June output target by 432,000 barrels per day. However, analysts expect the group's actual production to be much smaller due to capacity constraints. Meanwhile, strict COVID-19 curbs in China are creating headwinds for the world's second-largest economy and leading oil importer.


Benchmark Crude Prices

Asian LNG Prices Rise Ahead of E.U. Ban on Russian Oil


Asian spot LNG prices inched up last week as market players fear prices might skyrocket if the European Union imposes a ban on Russian oil and Moscow reacts by halting gas supplies to the continent. Industry sources said that the average LNG price for June delivery into north-east Asia was estimated at $23.90 per million British thermal units, up to $0.40 from the previous week. There is some buying interest from south Asian markets amid softer spot prices. In contrast, demand for spot cargoes is expected to remain muted in China as ongoing Covid-19 related lockdown measures have now been extended to the capital Beijing. Meanwhile, The proposed E.U. ban on Russian oil increases market tensions about possible future gas supply disruptions triggered by a Russian countermove or an E.U. ban on natural gas later in the year. European gas prices have risen recently amid ongoing concerns over possible cuts to supply from Russia, which provides around 40% of the bloc's gas. However, a stable flow of LNG into Europe and restoring European gas storage have helped ease some concerns. European LNG imports hit a five-year monthly high in April, with France, Spain, and the U.K. topping the importers' list. 


Benchmark Gas Prices


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IndraStra Global: Oil Posts Another Weekly Gain Due to Supply Concerns
Oil Posts Another Weekly Gain Due to Supply Concerns
By The Al Attiyah Foundation, Qatar
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