Global rush to buy Russian energy, Kremlin: market demand is “booming,” Europe cuts itself off from cheap supply

⑴ The Kremlin said on Tuesday that, against the backdrop of a severe global energy crisis undermining the foundation of the oil and gas market, there is enormous demand from all parties to purchase Russian energy, and Russia is negotiating in a way that best serves its own interests. ⑵ Institutional data shows that last month, the premium on Russian Urals crude oil over Brent crude reached $5 to $8 per barrel, a reversal from the usual discount status, reflecting that Asian countries such as Vietnam, Thailand, the Philippines, Indonesia, and Sri Lanka are lining up to buy Russian oil. ⑶ On the trading psychology front, the market had previously widely bet that Russian oil would be forced into discounted clearance sales, but the current premium structure is driving short sellers to cover their positions.