Brent crude oil hit $99.5 a barrel yesterday before settling back down to $97/b. As we explain in the Daily Eco, the sanctions imposed by the US and Europe on Russia remain measured for the time being and, above all, there seems to be no intention of restricting Russian oil exports in an already hyper-tensioned market. However, the…
The US, EU, UK and some of their allies have announced retaliatory measures against Russian interests after Vladimir Putin recognised the independence of the two breakaway republics of Donetsk and Luhansk. By all accounts, these measures, apart from the suspension of the Nord Stream 2 approval process, remain moderate for the moment, affecting personalities close to the…
European gas prices increased yesterday, supported by a new drop in Russian supply (to 182 mm cm/day on average, compared to 187 mm cm/day on Wednesday) and renewed concerns on Ukraine. The rise in Asia JKM prices (+11.80% on the spot, to €73.202/MWh; +6.34% for the April 2022 contract, to €73.620/MWh) also lent support; these…
Oil prices are almost stable, subject to two opposing forces. The price of Brent 1st-nearby seems to be trending very slightly downwards and is trading around $92.3/b this morning. It is notable that a US official’s warning of an imminent invasion of Ukraine by Russia and conversely a meeting between US and Russian diplomatic chiefs next…
Equity markets fell sharply yesterday, particularly in the US, after a US official warned of an “imminent invasion” of Ukraine by Russia. The flight of investors to safe havens such as US Treasuries and gold resumed: the US 10-year yield fell from 2.03% to 1.96%. The subsequent announcement of a meeting between the US and Russian heads…
