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Oil Price Volatility Soars Amid Geopolitical Uncertainty

Oil Price Volatility Soars Amid Geopolitical Uncertainty

Oil price volatility has climbed…

Oil Traders Hedge Geopolitical Risk With Record Options

Oil Traders Hedge Geopolitical Risk With Record Options

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Russia Sees Natural Gas Revenues Collapse


1. Defying Weakness in WTI and Brent, Dubai Soars to Prominence

- The Brent/Dubai exchange of futures for swaps spread, a key indicator of arbitrage from Europe to Asia, narrowed to a 2-year low recently and slightly even dipped below zero this week.

- A strong Middle Eastern benchmark is largely coming from Saudi Arabia’s 1 million b/d production cut pledge as well as higher availability of US crude in Europe pushing down the NW European market.

- Chinese refiners have resumed purchases of North Sea crudes as several VLCCs have loaded in past weeks, with a whopping 54 million barrels of West African oil having been fixed to Asia in June.

- At the same time, China’s state-owned companies have traded over 1300 Dubai partials in the Platts Dubai/Oman window, the second highest on record, with Unipec rising to become a primary seller and PetroChina heading the list of buyers.

2. Russian Government Sees Gas Revenue Collapse on Lower Exports

- Having pumped some 150 billion cubic meters of pipeline gas to Europe, Russia’s invasion of Ukraine has sealed off most of the European markets from Gazprom, painfully denting government revenue.

- Whilst oil revenues continue to flow in relatively unchanged despite the price caps, Russia’s gas revenues plunged 45% year-on-year and amounted to only 8.3 billion in the first five months of this year.

- Despite the hurried infrastructure build-out towards China,…

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