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The G7 is out with a statement saying it’s renewing efforts to establish price caps on seaborne Russian oil.

The Coalition is issuing this statement to underscore the risks of
violating price cap rules. In the normal course of business, Coalition
service providers may interact with market participants in other
jurisdictions. Where we have evidence that companies or persons have
engaged in illicit or deceptive practices related to shipments of
Russian-origin crude oil and petroleum products, we will respond in
accordance with the respective restrictive measures established by the
Coalition Members.

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The US took actions to impose sanctions on two entities for breaking the cap.

WTI crude oil is up $1.15 to $84.64 today despite the strong dollar and lower risk assets. Late on Wednesday, the API published a huge build in US oil inventories and the official EIA numbers are due out at the bottom of the hour. It appears the market is looking beyond the latest inventory numbers and focused on better US gasoline demand, possibly due to lower cracks.

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