Russia's Crude Exports Fairly Stable Despite U.S. Sanctions, Goldman Says
Energy
Goldman Sachs says the latest U.S. sanctions on Russia have not materially disrupted Russian crude exports, keeping supply fears muted and pressuring oil prices lower. This undercuts the geopolitical risk premium in crude, creating a near-term headwind for oil-leveraged equities while benefiting refining margins through cheaper feedstock.
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↔ PAIR+4% target-3% stop2-3 weeks
Short USO / long VLO spread: sanctions impotence removes crude risk premium while cheaper Russian barrels support refiner crack spreads.