The commodity complex was full of uncertainty, after the US signaled replacing Russian and Russian crude oil seemed to have intensified new attacks in Ukraine. Brent crude oil prices jumped past $ 130 / bbl in US trade, and there were no signs of oil cooling. This sharp surge last night seems to have agreed on the prospect of crude oil for the rest of the week too.
The latest setback came after the Secretary of the US, Antony Blinken told the news channel, “We are now talking to our European partners and allies to see in a coordinated manner on the prospects forbid Russian oil imports, while ensuring that there is still a suitable oil supply in the world market Of course. Javier Blas, Bloomberg’s energy columnist tweeted a graph that underlined the top panic in the oil market. Last night tested by Brent crude was $ 139 per barrel.
Delays in the close of negotiations with Iran on the nuclear agreement also adds to the concerns of offers. JPMorgan in a recent record has warned that crude oil can test $ 185 a barrel this year, if uncertainty does not subside. Even other oil experts have begun to warn the surge in crude oil prices when the crisis takes place Vandana Day, noted the commentator on the price of crude oil and the founder of Vanda Insights Tweeted said, “We are discussing with the proof of EU Allies on Russian oil imports. If the European Union does join, what is the clear retalatory step for Putin?” Turn off European gas supply! “Price Natural gas in the UK and the US have shot through the roof, all the month ago. The price of British natural gas has risen more than 150% for a month, and has more than doubled last week.
At the OPEC + allied meeting recently, there seems to be a reluctance to increase production inventory in the midst of the ongoing turmoil in Ukraine. OPEC + slow to meet increasing demand, which means dipping reserves and estimates of price surge. The Russian Ukrainian war has thrown all the math of the window. No doubt, for commodity prices, this is the strongest start for whatever year since 1915.
