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 ...
Natural gas is $3200. Europe is toast.
They can only YELL FIRE! At Radio City Music Hall so many times..
Hang Seng down almost 4%
I just looked this up.....
“Crude oil reached an all time high of 147.27 in July of 2008.”
I remember that, and it just so happened I was driving a taxi in NYC at the time and had to buy my own gas. That’s when I began to realize the scam that was/is GW Bush.
I hate the media and the Rat/RINO uniparty that props him up even more. Biden isn’t getting 1/1000th of the kind of criticism Trump was getting when Trump had the economy setting records and was creating historical peace deals. If we didn’t have such a corrupt media and Congress, there would be calls for Bidens removal from office every second of ever day, but instead they allow this nightmare to continue and INCREDIBLY some of them are blaming TRUMP instead of Biden!!
Oil Turns Lower On Rumors Of Imminent Iran Nuclear Deal
https://oilprice.com/Energy/Oil-Prices/Oil-Turns-Lower-On-Rumors-Of-Imminent-Iran-Nuclear-Deal.html
If Biden returns to the nuclear deal in the next 72 hours as this article claims, ...
Also keep in mind Bennett (Israel) met with Putin on Saturday and Iran was part of the discussions.
The 2008 Stock Market crash was 2 months later September 29th, 2008.
I wonder what Michael Burry is thinking right now?
Great economy, democrats. Absolutely wonderful that you would stand up for working class people like this. We so appreciate it, you scumbags.
Unfortunately, that is not going to happen. The big public held companies said as much. They have a responsibility to provide a return to their shareholders, as they view this situation as temporary. In other words, what do they know that we do not?
Smaller private companies are opening up their drilling/fracking/shale because they need this cash-flow. It will not be enough though as a replacement.
The '2000 mules' responsible should be tracked down and held accountable.
Republicans are going to have to cheat. I mean, NOTHING is happening to the cheaters in WI, GA, AZ, etc. Yeah, a couple of headlines of arrests, but the org still grinds on.
Republicans need to create 10,000 mules for US. If they can do, it we should do it.
That’s right, sell sell sell short short! 3 more years of Biden, I can’t see how everything isn’t going to crash. It’s obvious Bidens boss AOC isn’t going to allow him to open US energy production again, so the cost of oil is just going to keep going up and up, I wouldn’t be surprised if it hit $200 a barrel.
They want this. They want us all sitting in our homes, never leaving to go out, wearing 3 sweaters with electricity on for an hour a day, water rationed, food rationed, and basically living like rats in the dark until we die. They’ve moved us from a strong and steady superpower to a bunch of sniveling cowards.
Why do we allow it? Why don’t we wise up and fight?? Why are we beholden to these tyrants? AOC should be flogged and banished from public life. This country truly needs to rise up and boot these criminals out!! It doesn’t have to be this way!!
$130 is hardly justified based on alternative oil sources, but a lot of people make some big bucks.
Volatility and lack of sense driving the oil markets. I mean eventually the value of oil will settle around $5 when all cars are electric. The rest from now til then is complete insanity. There is no credible argument for oil to be at $130.
Yes these dip$hiites in Washington do not understand that all these price increases in the US are caused by not being energy independent.
Sounds like fascism.
The US Ban is Symbolic.... But the MSM will play this up as such a Big Deal....
Biden bans Russian oil, warns of ‘Putin price hike’ at pump
https://apnews.com/article/russia-ukraine-war-us-russia-oil-ban-120c0152cf310a5b593f6ae7a2857e62
Only FOX is reporting that Congress was voting to do this with a bipartisan vote until Brandon called Nancy and Schumer to beg them to let him announce this so he didn't appear to be following, again, and not leading.
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