News Formal

Business Maverick: Mayhem Reigns in Oil Markets as Traders Avoid Russian Supply

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 41 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 84%

Italia Notizia Notizia

Italia Ultime Notizie,Italia Notizie

Global oil markets are in a state of flux unlike anything traders say they’ve seen in recent years as they grapple with the sudden disappearance of saleable products from the world’s second-biggest exporter.

The invasion of Ukraine has rapidly made Russia a commercial outcast, resulting in most buyers and shippers avoiding cargoes of its crude, diesel, heavy naphtha and vacuum gasoil. That’s causing abrupt changes in market structures, price dislocations andThe result is a physical market for crude too chaotic even for veteran oil traders who have spent years deftly handling everything from political sanctions to trade wars and attacks on key infrastructure.

“Geopolitics are throttling supply chains and keeping markets on edge,” said John Driscoll, a Singapore-based chief strategist at JTD Energy Services Pte. The wild swings in intraday trading ranges, volatility and backwardation are “scary,” he said. Commodity markets have been in turmoil since the invasion. While sanctions haven’t directly targeted Russian energy exports, trade has seized up amid a reluctance to buy the country’s raw materials.

, international banks and shipowners are pulling investment and financing, making it tough for refiners and traders to secure credit lines and the vessels needed to continue with their usual purchases of oil grades like Urals, ESPO and Sokol.Russia accounted for 12% of the world’s total crude exports in 2020 and almost 10% of oil-product shipments.

 

Grazie per il tuo commento. Il tuo commento verrà pubblicato dopo essere stato esaminato.
Abbiamo riassunto questa notizia in modo che tu possa leggerla velocemente. Se sei interessato alla notizia puoi leggere il testo completo qui. Leggi di più:

 /  🏆 3. in İT

Italia Ultime Notizie, Italia Notizie

Similar News:Puoi anche leggere notizie simili a questa che abbiamo raccolto da altre fonti di notizie.

Business Maverick: Absa PMI rises again in February, sign of tentative manufacturing reboundThe Absa Purchasing Managers’ Index extended its recent climb in February. Encouragingly, all five sub-indices that comprise the headline number rose in a sign that the manufacturing sector is gradually rebounding.
Fonte: dailymaverick - 🏆 3. / 84 Leggi di più »

Business Maverick: Biden Assails Putin, Pledges Inflation Fight in State of UnionVladimir Putin “badly miscalculated” with his invasion of Ukraine, President Joe Biden said in his first State of the Union address on Tuesday, calling the Russian leader a “dictator” and warning that the war will leave his country weaker.
Fonte: dailymaverick - 🏆 3. / 84 Leggi di più »

Business Maverick: Ex-Goldman Banker Casts Boss as Habitual Liar at 1MDB TrialFormer Goldman Sachs Group Inc. banker Roger Ng’s defense team depicted his former boss Tim Leissner as a habitual liar who shaded the truth at every turn to get what he wanted.
Fonte: dailymaverick - 🏆 3. / 84 Leggi di più »

Business Maverick: BHP Says It Must Do More to Address Toxic Workplace CultureBHP Group Ltd. has been focused on tackling all forms of harassment at its workplaces for some time, but the company still has more to do, Chairman Ken MacKenzie said in a speech Wednesday.
Fonte: dailymaverick - 🏆 3. / 84 Leggi di più »