Oil Narratives
Oil Narrative: Brent back above $100
Strikes on Saudi Arabia's E/W pipeline led to an immediate rally in flat prices across the complex.
The strikes impacted pumping stations along the pipeline, with some capacity expected back online in the coming days, while a full recovery is expected in six weeks.
Russia and Ukraine have discussed the possibility of a US-brokered agreement to spare energy infrastructure from further strikes, though this effort has failed, with strikes on Russian capacity ongoing.
Oil Narratives: Cracks haven’t been stopped
The E/W pipe shutdown places strain on local runs at Yanbu and globally as crude shortfalls for European and Asian refiners.
While Russian supply continues to remain out of the market and demand seasonally rises. Diesel flat prices have failed to significantly hamper demand.
While Russian supply continues to remain out of the market and demand seasonally rises. Flat prices have failed to significantly hamper demand.
