From Investing.com: 2025-05-28 00:54:00

Oil prices are firmer today amid the prospect of further sanctions against Russia, despite yesterday’s downward pressure. OPEC+ members are set to decide on July output levels at Saturday’s meeting, with the market closely monitoring the situation. President Trump’s comments on Russia’s actions increase the risk of more sanctions, impacting energy flows.

ICE gasoil market shows signs of tightness, with the prompt gasoil timespread widening to US$8/t. Speculators have turned more positive, switching to a net long position. US distillate stocks are tight, lowest since 2003, while gasoil stocks in Europe are comfortable. European gas prices paused their rally, with TTF settling lower due to JKM-TTF spread weakness.

CBOT wheat prices are under pressure due to improved weather conditions in China, the US, and Europe. Rainfall in China eased drought conditions, with more rain expected. Rains in Southwest Kansas will boost soil moisture for winter wheat crop. European Commission raised wheat yield estimates despite rainfall deficit in North-Western Europe.



Read more at Investing.com: Crude Oil: OPEC+ Supply Clash With Rising Russia Sanction Risk