The short-lived mutiny by Russia's Wagner Group paramilitary over the weekend sent Biden administration energy officials scrambling to shore up crude...
A short-lived mutiny by Russia’s Wagner Group that was seen as a threat to President Vladimir Putin’s grip on power saw U.S. energy officials scramble to back up global supplies of crude oil, according to a top Wall Street commodities analyst.
“It is our understanding that the White House was actively engaged [Saturday] in reaching out to key domestic and foreign producers about contingency planning to keep the market well supplied if the crisis impacted Russian output,” said Helima Croft, head of global commodity strategy at RBC Capital Markets, in a Sunday note to clients.
“The experience of being caught off guard by the Libyan export disruption seemingly guided the pre-emptive outreach and planning on Saturday. There was a concurrent concern that critical pipelines could either be directly targeted or inadvertently damaged if the insurrection turned into a full-scale war,” Croft said.The rebellion saw the mercenary paramilitary force, led by Yevgeny Prigozhin late Friday, take over Russia’s southern military headquarters in Rostov-on-Don.
Oil futures and global financial markets took the chaos largely in stride. The U.S. crude benchmark CL00 ended the day up just 21 cents, or 0.3%, at $69.37 a barrel on the New York Mercantile Exchange, while global benchmark Brent crude BRNQ23 gained 33 cents, or 0.5%, to settle at $74.18 a barrel on ICE Futures Europe.U.S. stocks were mixed, with the Dow Jones Industrial Average DJIA up 66 points, or 0.2%, while the S&P 500 SPX shed 0.1%.
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