COMMODITY TRACKER: 4 charts to watch this week

As sanctions tighten, Russia aims to strengthen energy ties with China, while Singapore’s gasoil and jet fuel markets respond to potential peace negotiations in Ukraine. Additionally, funds are moving out of European gas towards carbon EU Allowances as LNG supply rises. 1. Russia seeks closer China energy cooperation amid sanctions What’s happening? Russian officials are calling for closer cooperation with China, including expanding long-term hydrocarbon supply contracts, as Western countries ramp up sanctions on the Russian oil sector. Russia is China’s biggest crude supplier, but exports fell 7.7% year over year in the first 10 months of 2025 to 2 million b/d, according to data from China’s General Administration of Customs. Russian exports are facing increased competition from discounted Iranian crude. US sanctions on Russian oil giants Rosneft and Lukoil took effect on Nov. 21, in a move that could disrupt Russia’s oil exports, including to China. What’s next? Rosneft and ...