WTI rallies to fresh weekly highs in $114.00 area amid Russian CPC pipeline outage concerns By Frank_Macro WTI Oil RussianFederation
a. Prices are up more than $5.50 on the day, taking on-the-week gains to more than $9.0 and signifying that WTI has now recovered more than 50% of its pullback from earlier monthly highs in the $130 area to as low as the $93 region. Traders are pointing to an announcement from Russia that more than 1M barrels per day in exports via its Caspian Pipeline Consortium pipeline, which runs through Khazakstan, has been halted due to storm-damaged berths.
“Prices are primarily rising on the loss of CPC Blend crude exports out of Novorossiisk, which accounts for about 1.3 million barrels per day of exports, adding further bullish fuel to the fire as the drop in Russian crude exports finally appears underway,” said an analyst at Kpler. The immediate drop in Russian exports as a result of apparent maintenance issues comes against the backdrop of severe sanctions placed by Western nations on the Russian economy in response to its invasion of Ukraine.
And more sanctions may well be forthcoming in the next few days, with EU nations reportedly split over to implement a Russian oil import ban and with US President Joe Biden set to arrive in the EU on Wednesday. The US President will take part in a series of emergency NATO and EU summits as leaders.
Elsewhere, the latest official weekly US inventory figures were bullish, with headline crude oil inventories posting a larger than expected draw of more than 2.5M barrels and gasoline
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil slips below $114 as E.U. split on Russian banOil slipped below $114 a barrel Tuesday as European Union members disagreed on the possibility of an oil embargo on Russia.
Read more »
WTI consolidates around $108.00 as EU looks to embargo Russian oilWest Texas Intermediate (WTI), futures on NYMEX, is oscillating in a narrow range of $107.20-111.74 after sensing a minor correction near $113.00 on T
Read more »
NZD/USD rallies 0.6950 area, hits its highest since late November amid risk-on flowsNZD/USD rallied to the 0.6950 area on Tuesday and, in doing so, pushed to its highest level since late November. At current levels almost bang on the
Read more »
WTI consolidates around $108.00 as EU looks to embargo Russian oilWest Texas Intermediate (WTI), futures on NYMEX, is oscillating in a narrow range of $107.20-111.74 after sensing a minor correction near $113.00 on T
Read more »
Oil slips below $114 as E.U. split on Russian banOil slipped below $114 a barrel Tuesday as European Union members disagreed on the possibility of an oil embargo on Russia.
Read more »
New vaccination push targets 5-11 year olds in New York CityThe effort comes amid concern about new COVID-19 infections from the BA-2 subvariant - and amid pushback against mask mandates from some parents of younger kids.
Read more »