Oil prices turn negative, at $ 115.29 per brent – Gas slightly decreases (upd)

LAST UPDATE: 10.51

Oil prices are coming under pressure after initial gains, with some members of the European Union discussing a possible oil embargo on Russia and attacks on Saudi facilities disrupting the market.

West Texas Intermediate futures are down 0.51% at $ 109.42 a barrel and Brent futures are down 0.30% at $ 115.29 a barrel.

Both contracts have risen more than 7% on Monday as the possibility of further supply distortions affected the market.

European Union foreign ministers are divided over whether to join the United States in imposing sanctions on Russian oil, with some countries, including Germany, arguing that the bloc is overly dependent on Russia’s fossil fuels.

“It seems that energy traders are becoming increasingly confident that supply shortages are imminent,” said an OANDA analyst.

She points out that prices are rising in response to geopolitical concerns about both Ukraine and the attacks on Saudi Aramco facilities.

“Right now it seems that the risks are increasing and could lead to higher prices,” he added.

Saudi Arabia has warned it will not be held responsible for disruptions to global supplies following attacks on its oil facilities by the Houthis on Iran’s “line”.

Slightly declining, steadily below 100 euros per gas

Slightly declining – stabilizing trends below 100 euros / megawatt hour recorded natural gas in Europe on Tuesday, as flows from Russia continue normally on the basis of orders, while the improvement of the weather puts a “brake” on demand.

The Dutch gas contract, a benchmark at European level, after two days of decline, continues downwards, with losses of 0.63%, to 95.69 euros per megawatt hour (at 10.31 am Greek time).