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The Commodities Feed: OPEC+ meeting
While oil prices managed to close higher on Friday, the market remains under pressure. ICE Brent was down more than 2.2% for the week. Weaker refinery margins will be a concern, while the dated Brent-to-frontline (DFL) swap is negative suggesting a weaker physical North Sea market. The recent weakness in the market increases the likelihood of a full rollover of OPEC+ additional voluntary cuts at least through the third quarter of this year. Expectations for such action are growing, so anything less will disappoint the market. However, fundamentally the market only needs to see a partial rollover, so there is a risk ... (full story)