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OIL: Oil Surges on Russian Sanction News and Report on Supply. 

OIL
BulletEnergy BulletsCommodities
  • The US has upped the ante on Russia with the most aggressive use of sanctions as outgoing President Biden looks to leave a mark on the outlook for Ukraine.
  • The US has targeted known Russian firms that handle more than 20% of Russian exports as well as insurers and market traders in a bid to halt Russian oil deliveries to key ports.
  • The Biden administration is seeking to disrupt the Russian oil supply chain with key buyers like India suggesting that they may no longer buy Russian shipments.
  • Whilst the sanctions may take some time to be fully in place, there is clear evidence that shipments are idling at sea as ports in China as port owners are now wary of taking Russian deliveries.
  • The International Energy Agency has revised down its forecast for the surplus of oil to 725,000 from 950,000 citing new sanctions from the US, in its monthly report.  
  • This decline in expected output could result in more supply coming on line by those providers currently on hold as prices have halted their increase.
  • Crude inventories have been falling and are down now for eight consecutive weeks.
  • Oil prices surged yesterday having spent the early part of the trading day doing very little, WTI hit a low of US$77.24 before surging to $80.77 before closing at $80.50.
  • Brent followed a similar pattern, hitting a low of US$79.62 before closing at $82.44.
  • The day ahead will see markets continue to digest the news and impact of the Russian sanctions as well as news of a ceasefire in the Gaza conflict and its potential ramifications for Middle East tensions. 
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  • The US has upped the ante on Russia with the most aggressive use of sanctions as outgoing President Biden looks to leave a mark on the outlook for Ukraine.
  • The US has targeted known Russian firms that handle more than 20% of Russian exports as well as insurers and market traders in a bid to halt Russian oil deliveries to key ports.
  • The Biden administration is seeking to disrupt the Russian oil supply chain with key buyers like India suggesting that they may no longer buy Russian shipments.
  • Whilst the sanctions may take some time to be fully in place, there is clear evidence that shipments are idling at sea as ports in China as port owners are now wary of taking Russian deliveries.
  • The International Energy Agency has revised down its forecast for the surplus of oil to 725,000 from 950,000 citing new sanctions from the US, in its monthly report.  
  • This decline in expected output could result in more supply coming on line by those providers currently on hold as prices have halted their increase.
  • Crude inventories have been falling and are down now for eight consecutive weeks.
  • Oil prices surged yesterday having spent the early part of the trading day doing very little, WTI hit a low of US$77.24 before surging to $80.77 before closing at $80.50.
  • Brent followed a similar pattern, hitting a low of US$79.62 before closing at $82.44.
  • The day ahead will see markets continue to digest the news and impact of the Russian sanctions as well as news of a ceasefire in the Gaza conflict and its potential ramifications for Middle East tensions.