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Brent Nears $100 as Nordstream 2 Seen as Sanctions Target

COMMODITIES
  • Oil markets trade solidly ahead of the Tuesday open, with Brent crude futures rallying further to touch $99.50/bbl - the highest rate since 2014. Moves come alongside the formal recognition of independence for both the Luhansk and Donetsk separatist controlled territories, with European leaders considered a set of counter-sanctions against Russian individuals - particularly those in senior military positions and close to Putin himself.
  • The crux for energy markets is the progress (or lack thereof) for the Nordstream 2 pipeline, with Germany's Scholz this morning stating that no certification can happen right now. As a result, Germany is to reassess their gas import sources, diversifying their supply further.
  • Tuesday price action marks an extension of the bullish price sequence of higher highs and higher lows for Brent and paves the way for a climb towards the key psychological barrier of $100/bbl. Strength there here opens $101.49 and above.
  • Gold remains in an uptrend and maintains the current strong impulsive bull rally. Price is approaching the medium-term upside target of $1916.6, the Jun 1 2021 high and a key bull trigger. Note that the top of the bull channel drawn from the Aug 9 2021 low intersects at $1936.7.
Energy BulletsCommodities
Energy BulletsCommodities

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