Donald Trump is set to meet North Korea’s Kim Jong-un in Singapore. There have been no noticeable movements in stock markets or safe havens such as gold or dollar.
G7 tensions followed the weekend's summit. Members rounded on President Trump's economic policy and they failed to agree the final communique.
Sterling has weakened against the euro at the start of the week on the announcement that UK manufacturing output fell 1.4% in April (the lowest level in five and a half years).
It appears that Russia has already boosted oil output to levels higher than those envisioned by OPEC, before before both parties were scheduled to agree increases at the next OPEC meeting (22nd June).
The US drilling rig count has hit its highest levels since March 2015 as US oil output climbs.
The weekly CFTC report suggests that US hedge funds continue to liquidate their long oil positions.
Chart analysis would suggest Brent looks moderately weak. A close below $75.30 is bearish in the near-term.
Two LNG tankers are expected into the UK this week.
The gas interconnector with Belgium will close for maintenance for 2 weeks this Wednesday, meaning more gas will stay in the UK.
European gas storage levels are 5% below last year’s levels but on a par with 2013 levels (when European gas storage experienced its previous lowest summer starting level).
Chart analysis suggests a close below 61p is bearish for the benchmark Winter’18 gas contract.