Oil extended its relentless rally above $110 a barrel before an Opec+ meeting as the severity of disruption to Russian supplies showed signs of growing.
Russia’s flagship Urals crude oil was offered for sale at a record discount but got no bidders, the latest indication that trading of oil from the country’s western ports is grinding to a halt. Consultant Energy Aspects said about 70% of Russian crude trade is currently frozen amid banking sanctions, spiking freight rates and wider political risks.
In a bid to cool prices, the International Energy Agency announced a strategic oil reserve release, but so far it has done little to tame a rampant market. The situation across the energy sector is very serious, IEA executive director Fatih Birol said Tuesday. Brent remains in deep backwardation, a bullish structure where prompt barrels are more expensive than later-dated cargoes, indicating nervousness over tightening supply. The benchmark’s prompt spread was $5.02 a barrel, a level not previously seen this century.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Chinese companies may snaffle shunned Russian oilBuyers may clandestinely secure cargoes and build stockpiles on the cheap in defiance of sanctions
Herkunft: BDliveSA - 🏆 12. / 63 Weiterlesen »
Chinese companies may snaffle shunned Russian oilBuyers may clandestinely secure cargoes and build stockpiles on the cheap in defiance of sanctions
Herkunft: BDliveSA - 🏆 12. / 63 Weiterlesen »