Posted on 03/06/2022 6:21:28 PM PST by Enlightened1
U.S. crude oil surged more than 8% in early trading on Sunday evening as the market continued to react to supply disruptions stemming from Russia’s ongoing invasion of Ukraine and the possibility of a ban on Russian oil and natural gas.
West Texas Intermediate crude futures, the U.S. oil benchmark, traded 8% higher to above $125 a barrel, the highest since July 2008. At one point the price rose to $130.50 Sunday evening before retreating.
The international benchmark, Brent crude, traded 9% higher to $128.60, also the highest price seen since 2008. Brent hit a high of $139.13 at one point overnight.
“Oil is rising on the prospect for a full embargo of Russian oil and products,” said John Kilduff of Again Capital. “Already high gasoline prices are going to keep going up in a jarring fashion. Prices in some states will be pushing $5 pretty quickly.”
The U.S. and its allies are considering banning Russian oil and natural gas imports, Secretary of State Antony Blinken said in an interview with CNN’s “State of the Union” on Sunday.
“We are now talking to our European partners and allies to look in a coordinated way at the prospect of banning the import of Russian oil while making sure that there is still an appropriate supply of oil on world markets,” he said. “That’s a very active discussion as we speak.”
While Western sanctions against Russia have so far allowed the country’s energy trade to continue, most buyers are avoiding Russian products already. Sixty-six percent of Russian oil is struggling to find buyers, according to JPMorgan analysis.
(Excerpt) Read more at cnbc.com ...
The US should be making up the difference with domestically produced petroleum and natural gas, and not go begging international brokers for “more”.
The solution is perfectly obvious to anyone with an IQ above room temperature. The continent of North America has more oil reserves than all the Middle East. And there is little problem with the capability of developing the supply lines, except the will to do the job.
Some 95% of all personal woe in this world is self-induced.
Why not? If our captains of industry would take back the reins from government, start producing oil, manufactured goods, food products, etc, to supply our own needs as well as for export, we’d knock the socialists, globalists and climate scammers right off the planet.
How many added dollars per gallon for gasoline do people think is a fair price for the privilege of punishing Russia for invading Ukraine?
I’d be willing to go $1.
And we have some pretty smart lawyers and a new TRUMP SCOTUS that could probably win the lawsuits and turn back a whole boatload of the leftist government encroachment that’s been blocking free-enterprise.
Yep. They will find reasons to blame anyone from the continue to the bug evil companies.
Did you mean to say public lands, or did Biden actually close off private lands, the way Maryland did to fracking during Larry Hogan's first term?
I have no doubt they will find ways to clmain it is patriotic to pay $4+/gal for gas.
Increase the supply and bring gas back down to $1.98.
And the big guy is getting 10% from the Iranians and Venezuelans.
Sixty-six percent of Russian oil is struggling to find buyers, according to JPMorgan analysis.
So much for Putin propagandists story that China is taking all of it.
Open pipelines. Produce oil in America. It’s not hard to figure out, for the leftarded out there.
I thought most of the fracking sites in Texas and North Dakota were private land.
Never let a crisis go to waste..
CMC?
Sunday night unleaded gas futures are up 28 cents from the Friday close. Fill up first thing Monday. Usually it take 2-3 days for these prices to make it out to retail.
Heating oil up 34 cents. Those who can get oil tanks filled do so instantly. Or if you you have enough to finish off the season, wait till summer/fall to fill.
Regular in my area has gone up 50 cents in four days. Let’s Go Brandon.
Brandon, stop working for Russia and start working for us.
Yup! What the Democrats did in one short year is indefensible. They declare war on our energy sector and let Russia negotiate an Iran nuclear deal for the US!
Unbelievable!
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