ANZ comments on oil, an update from overnight (i.e. Thursday Europe/US time), a good run-down this:
- Clearing houses have seen increasing margins amid the higher volatility for some time. Overnight, ICE raised its margin requirements for Brent by 19%, following an increase of 32% earlier this month.
- Loadings from the Caspian Pipeline Consortium sea terminal partially resumed after completely halting on Wednesday when storms damaged its facilities. Initial expectations were that exports could be cut by 1mb/d.
- Much speculation is building that the US and Europe will sanction Russian energy.
- In the meantime, IEA members are seeking to reduce their use of its crude. Executive Director of the IEA, Fatih Birol said the group is ready to release more oil from emergency stockpiles if needed.
- Russia oil is still finding a home. Indian refiners have issued several tenders for Urals crude as the discount to Brent continues to rise. China’s independent refiners are also said to be actively purchasing Russia crude oil.
