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Asian Jet Fuel Demand Bounces Back

1. All Russian Grades Are Now Running Afoul of the Price Cap

- For the first time since the December 5 implementation of the Russian oil price cap, the price of Russia’s flagship Urals grade breached the $60 per barrel threshold according to Argus Media, a price reporting agency.

- As the idea of the ceiling was to stop Russian exporters from using Western ships to transport their oil, simultaneously using Western insurance, this would come as a blow to Western sanctions efforts.

- The risk of running afoul of the oil price cap might make matters complicated for the key buyers of Russian oil, India, and China, as banks would require more stringent checks that the FOB price of the cargo was indeed compliant with the G7 regulations.

- The oil price cap in its current form does not include any additional shipping costs, freight, and insurance, meaning the 60 per barrel in the port of loading is not the final price that the buyer pays.

2. The Second Wave of New US LNG Projects Won’t Be As Smooth As the First

- North American nations are set to commission 86 million tonnes worth of liquefied natural gas export terminal capacity over the next 5 years, with eight large-scale export projects currently being developed.

- Industry analysts are warning of labor shortages as project developers seek to build their own projects in the same timeframe as their immediate competitors, raising the risks of soaring worker costs.

-…





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