- West Texas Intermediate was mostly unchanged Thursday morning as NATO members gather in Brussels
- The White House and the EU are close to a deal aimed at reducing the region’s dependence on Russian energy (BBG)
- Many buyers are shunning Russian crude, but Asian consumers may be ramping up to take barrels at steep discounts
- National security advisor, Jake Sullivan, said that an agreement would be announced as soon as Friday
- The agreement will target gas supplies more than oil
- It’s intended to ensure supplies of American natural gas and hydrogen for Europe
- “You can expect that the U.S. will look for ways to increase LNG supplies, surge LNG supplies, not just over the course of years, but over the course of months as well,” Sullivan said
- China’s oil refineries are discreetly purchasing cheap Russian crude (Bloomberg)
- Traders say China’s state processors are negotiating privately under the radar with sellers
- AEGIS notes that the actual quantity of Russian oil countries like China and India are willing to take will be important as the globe is experiencing supply shocks