- Oil traded lower Monday morning as Ukrainian and Russian negotiations showed some signs of being more substantive (BBG)
- The two nations will discuss a potential ceasefire with an immediate withdrawal of troops and security guarantees, Ukraine negotiator Mykhalio Podolyak said
- The prospect of Iranian oil quickly re-entering an already tight oil market was clouded on Friday after talks were suspended
- Money managers reduced their net-long position in Brent by the most since ICE started publishing the data in 2011 (Bloomberg)
- Hedge funds cut Brent net-longs by 97 lots
- Long positions were cut by almost 64k contracts last week, the biggest reduction since October 2018
- An increase in Covid cases spur demand destruction worries in China
- China placed the 17.5 million residents of Shenzhen into lockdown for at least a week
- iPhone maker Foxconn halted its Shenzen operations
- The Guangdong province is a manufacturing powerhouse and accounts for 11% of GDP or $1.96 trillion