Oil up, at $ 116 a brent – Stabilizers below € 100 per gas (upd)

LAST UPDATE: 14.31

Sharp fluctuations in oil prices are taking place today, with overnight sign changes as some members of the European Union discussed a possible oil embargo on Russia, while attacks on Saudi facilities disrupted the market. Oil prices started the day with gains of more than 2%, then returned to small losses and are now moving up again.

In particular, the contracts for West Texas Intermediate are up 0.63% at $ 110.66 a barrel and futures for Brent add 0.79% to $ 116.53 a barrel.

Both contracts were up more than 7% on Monday as the possibility of further distortions in supply 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”.

With sign exchanges, but below 100 euros per gas

With gas volatility, but steadily below 100 euros / megawatt hour, gas is moving 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 falling, was moving at 12.47 p.m. Greece time with gains of 0.3%, at 96.57 euros per megawatt hour (at 10.31 am Greek time).

The corresponding British contract recorded an increase of 0.8%.