Optimism Over Iran Nuclear Deal Drags Oil Prices Down

Chart of the Week- Largely thanks to a colder-than-average January, European gas stocks are now below 38% of aggregate storage capacity and remain well below any historical range.- With Gazprom minimizing gas flows via the Yamal-Europe pipeline, Brussels is seeking to clinch guarantees from the US and other producers that would cover its needs in case the Russia-Ukraine conflict degenerates into war.  - Even though Azerbaijan signaled its readiness to sell whatever incremental supply it has, its output remains relatively minuscule compared…