Mild rise for oil – At + 10% gas

LAST UPDATE 12:20

The prices of energy products are moving with a controlled rise for the data of the day, as the oil deleted a large part of the morning profits that it recorded and the natural gas remains at a distance from the historical record recorded recently.

In particular, in the morning oil prices rose again as fears of Western sanctions that have cut off Russian oil exports, offsetting the possibility of more oil supplies from Iran, added the news of a fire at a nuclear power plant in Ukraine, scaring Ukraine.

World stock markets fell and oil prices rose following signs of escalating conflict, with news of Russian troops attacking Ukraine’s nuclear plant, the largest in Europe.

However, in the course of time, assurances were given that there was no risk and it seemed that markets were coming out that limited the rise in prices that exceeded 2%.

In particular, brent derivatives are now up 0.95% at $ 111.5 a barrel, and WTI is gaining 1.35% to $ 109.15 a barrel, having previously reached $ 112.84.

In any case, prices are expected to record the largest weekly increase since mid-2020, with the WTI gaining 18% and Brent rising 14%.

Oil is mounting amid fears that Western sanctions on Russia over uranium would cut off supplies from Russia, the world’s largest exporter of crude and petroleum products.

Trade in Russian crude has slowed as buyers are reluctant to buy because of sanctions, and there is growing pressure on US President Biden to ban US imports of Russian oil.

The escalation of the Russian war in Ukraine has not only caused geopolitical risks, but is adding to the already growing inflation concerns as well as leading to higher risk premiums, RBC Capital reports.

More oil reserves could be added than a coordinated release of 60 million barrels of oil reserves from developed countries.

Japan said today it plans to release 7.5 million barrels of oil, although only a small part of demand.

“Rising prices associated with real and estimated disruptions to Russian oil exports should offset any fall in prices from a potentially larger supply of Iranian oil,” the Commonwealth Bank of Australia said.

Gentle rise for gas

After a week of impressive volatility, with jumps that exceeded 50% and led to a historic record price of European gas reaching 200 euros per megawatt hour, the contracts are moving today with smaller fluctuations at the moment.

In particular, the pan-European benchmark, the April contract in Amsterdam (TTF) is up 9.93% and its price stands at 176.8 euros per megawatt hour.

On a weekly basis, however, the contract price is moving for a brutal jump of 60% with the war in Ukraine and the relevant sanctions imposed on Moscow sharply squeezing the supply, as Russia is the largest supplier in Europe with flows that reach to almost 40% of its total needs.