Ceasefire Uncertainty Remains the Biggest Driver for Oil Markets
Iraq, UAE, Saudi Arabia All Set for Major Oil Output Surge in 2027 Tom majored in International Business at Amsterdam’s Higher School of Economics and later completed an Executive MBA in Energy Transition at the University of Groningen.… Iran is reviewing the latest U.S.
ceasefire proposal, raising hopes of a truce extension and tempering oil prices as traders weigh the risk of renewed Middle East disruptions.
Ukraine’s Refinery War Gives Russian Crude an Export Passport - Ukraine is inadvertently pushingincreasingamounts of Russian crude into the export markets as Kyiv’s intensified drone strikes on Russia’s downstream assets free up more oil.
- Russia’s seaborne exports in 2026 to date have averaged 3.46 million b/d, the highest pace of loadings since the Russia-Ukraine war started in 2022 and some 120,000 b/d higher than a year ago.
- Whilst refined product exports would yield better profits for Russia’s exporters, the overall rise in oil prices is lifting the overall value of Moscow’s exports regardless, with the 4-week average of outflows jumping to $2.2-2.3 billion per week lately.
- Meanwhile, according to Ukraine’s President Volodymyr Zelenskyy, Ukrainian forces struck 15 Russian refineries between January and May, aiming to choke Moscow’s oil revenues.
- This week, the 138,000 b/d Ilsky refinery in Russia’s southern Krasnodar region became the most recent victim of Ukraine’s drone strikes.
- French energy giantTotalEnergies(NYSE:TTE) hasappliedfor authorization for France’s largest renewables project, the 1.5 GW Centre Manche 2 offshore wind plant at an estimated cost of $5.2 billion.
- Portugal state oil companyGalp(ELI:GALP) hasacquiredthree offshore exploration blocks in Equatorial Guinea, the third major to take a sizable upstream position in the African country after Chevron and ENI.
- Thailand’s national oil firmPTThassigneda second long-term LNG purchase agreement with Brunei, boosting its Southeast Asian portfolio as its 2 mtpa Qatari LNG supply deal remains out of bounds.
-Barrick Mining(TSO:ABX), one of the world’s top gold miners, isweighinga possible London listing for its African business, potentially also looking at a merger with UK-listed Endeavour Mining (LON:EDV) to create a $30 billion giant.Tuesday, June 02, 2026 Would there be a US-Iran ceasefire extension or not? This very banal question seems to be resonating ever stronger across the oil markets, as Iran’s rejection of any communication with the Trump administration on Monday gave way to another spark of hope on Tuesday.
Tehran’s very own Mehr agency announced the Iranian authorities are reviewing the most recent US proposal, capping the upside for Brent futures at $95 per barrel, at least for the time being.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
Comments
Post a Comment