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Oil Sees Yet Further Boost As US Eyes Russian Import Ban

COMMODITIES
  • Crude oil prices rise sharply as the White House considers the banning of Russian oil imports, more than reversing an earlier dip on an Iranian deal sounding imminent.
  • This further adds to growing Russia-Ukraine fallout fears, kickstarted by damage sustained to a nuclear power plant in fighting overnight.
  • WTI is +7.0% at $115.2, approaching yesterday’s high of $116.57 which if cleared could open the psychological $120. In signs of how tight supply is, the US oil rig count surprisingly fell in latest weekly data despite such high prices.
  • Brent is +6.5% at $117.66, with next resistance the psychological $120.
  • Gold continues to flourish with this backdrop, rising +1.7% at $1968.7. Having cleared the bull channel top, it next eyes $1974.3 from the start of the Russian invasion after which it opens $1980.8 (2 proj of the Dec 15 – Jan 28-28 price swing).
  • European natural gas meanwhile rises another 20% on the day, hitting record highs on extreme volatility in fears of Russia cutting off supply.
  • Weekly gains: WTI +26%, Brent +20%, Gold +4.2%, European Nat Gas +104%
Energy BulletsCommodities
Energy BulletsCommodities

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