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COMMODITIES: Crude Rallies On Further Russian Sanctions, Henry Hub Surges

COMMODITIES
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  • WTI has relinquished earlier gains but continues to be sharply higher on the day and the week as US sanctions on Russia are likely to be bullish for oil markets.
  • WTI Feb 25 is up 3.5% at $76.5/bbl.
  • The U.S treasury has issued details on the widely speculated list of further sanctions on Russian oil entities that has been driving oil markets higher on Friday.
  • The new US sanctions on Russian crude and products is bullish for oil globally, but history has shown Russian barrels generally find markets despite sanctions, Platts said.
  • The trend structure in WTI futures remains bullish and today’s gains reinforce current conditions.
  • The stronger reversal to the upside has resulted in a breach of key short-term resistance at $76.41, the Oct 8 high. Clearance of this hurdle strengthens a bull theme and opens $79.59, the Jul 5 ‘24 high.
  • Henry Hub is set to close with a net gain on the week of nearly 19%. Cold weather on the US East Coast looks set to continue. Meanwhile, production has dipped and LNG export terminal feedgas flows rise to record levels.
  • US Natgas Feb 25 is up by 7.5% at $3.98/mmbtu.
  • Meanwhile, spot gold has risen by 0.7% to $2,687/oz, leaving the yellow metal 1.8% higher on the week.
  • Scope is seen for a continuation higher near-term, with sights on $2,726.2, the Dec 12 high and an important short-term resistance.
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  • WTI has relinquished earlier gains but continues to be sharply higher on the day and the week as US sanctions on Russia are likely to be bullish for oil markets.
  • WTI Feb 25 is up 3.5% at $76.5/bbl.
  • The U.S treasury has issued details on the widely speculated list of further sanctions on Russian oil entities that has been driving oil markets higher on Friday.
  • The new US sanctions on Russian crude and products is bullish for oil globally, but history has shown Russian barrels generally find markets despite sanctions, Platts said.
  • The trend structure in WTI futures remains bullish and today’s gains reinforce current conditions.
  • The stronger reversal to the upside has resulted in a breach of key short-term resistance at $76.41, the Oct 8 high. Clearance of this hurdle strengthens a bull theme and opens $79.59, the Jul 5 ‘24 high.
  • Henry Hub is set to close with a net gain on the week of nearly 19%. Cold weather on the US East Coast looks set to continue. Meanwhile, production has dipped and LNG export terminal feedgas flows rise to record levels.
  • US Natgas Feb 25 is up by 7.5% at $3.98/mmbtu.
  • Meanwhile, spot gold has risen by 0.7% to $2,687/oz, leaving the yellow metal 1.8% higher on the week.
  • Scope is seen for a continuation higher near-term, with sights on $2,726.2, the Dec 12 high and an important short-term resistance.