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Russia To Halt Gas To Poland In Latest Supply Side Flare Up

COMMODITIES
  • Oil prices have been supported today first by PBOC measures to bolster demand and then a ratcheting up of supply tensions more generally from events in Transdniestria before headlines of Russia moving to cease gas supply to Poland.
  • TTF natural gas closed +11%, with the significant escalation driven by PGNIG confirming it won’t pay in rubles.
  • WTI is +3.8% at $102.28, sticking with yesterday’s range as it moves closer to initial resistance at $105.42 (Apr 21 high). The most active strikes in CLM2 have been $90/bbl puts.
  • Brent is +3.1% at $105.51, also within yesterday’s range and again not yet troubling resistance at $109.80.
  • Gold is only +0.1% at $1898.7 in a particularly steady session after sliding heavily the past two sessions. It continues to hover above support at the bear trigger of $1890.2 whilst resistance is the 20-day EMA of $1945.1.
Energy BulletsCommodities
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