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Oil Firms As German Green Light To Russia Embargo Seen

COMMODITIES
  • Oil prices are up solidly, boosted by Germany dropping its opposition to the EU embargo of Russian oil having yesterday said it would only do so if introduced gradually. The potential for further short-term disruption sees front-dated futures contracts with the largest gains.
  • A Reuters headline of two explosions being heard in Kyiv didn’t have an obvious impact with prices already trending higher.
  • WTI is +3.4% at $105.49 as it tests initial resistance at $105.42 (Apr 21 high) after which it could open $109.2 (Apr 18 high).
  • Brent is +2.5% at $107.9, sitting a little further off initial resistance at $109.80 (Apr 21 high).
  • Gold is +0.2% at $1890.6 with a modest gain despite a continuation of USD strength and renewed pricing of hikes, pulling off an intraday low of $1872.2 that now forms initial support. Resistance is eyed at the 20-day EMA of $1941.3.
  • European gas remains in focus, sliding -8% today as European buyers look at options to keep Russian supply with Hungary making payments in line with Moscow’s new mechanism despite the EU warning that opening ruble accounts would breach sanctions.
Energy BulletsCommodities
Energy BulletsCommodities

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