LAST UPDATE 11:34
Energy prices are rising sharply, with oil surpassing $ 110 a barrel, while natural gas sees its price skyrocket by more than 50 percent intra-conference.
For its part, the International Energy Agency has warned that global energy security is under threat following the Russian invasion of Ukraine.
In particular, in terms of crude, futures in London and New York have reached the highest level since 2013.
Brent delivery in May sees its price rise by 6.1% to $ 111.37 the barrel, while the high of the day had reached 113.02 dollars.
At the same time, the WTI delivery in April increased by 6.15% to $ 110.81 the barrel, having “hit high” at 111.5 USD
At the same time, the blockade of Russian banks by the global SWIFT network has raised the uncertainty about gas flows, with the April contract in Amsterdam (TTF) at 161 euros per megawatt hour by jumping over it 32%while at the high of the day it had reached 200 euros (193.95) with an increase that exceeded 50%.
Among other things, since yesterday afternoon, the transactions with banks that are outside Russia, but for example that can be considered European, “froze” and were found to be related to commercial banks of Russia or the Russian central bank or to have correspondent bank agreement of Russian banks or related to anything with Russia, except payments for energy.
The situation in the energy markets is very serious, stressed the executive director of the IEA, Fatih Birol as the US and other economies agreed to release oil reserves.
Investors will be waiting for the OPEC + reaction as the cartel meets today to discuss April supplies, but only a small increase is expected despite market turmoil.
The world oil market has already narrowed significantly before the invasion, as economies have recovered sharply from the pandemic and the cessation of Russian exports has the potential to push crude prices even higher, something traders and analysts expect.
Governments around the world are facing increasing inflationary pressures as the effects of Russian sanctions drive down energy, metals and iron prices.
This led the US and its allies to release 60 million barrels of strategic oil reserves to calm prices, although similar action late last year had little impact.
Russian uranium crude is offered for sale at a record discount, but there was no interest, highlighting the attention of buyers as they have to consider financial sanctions.
“I can only see oil going higher,” said Daniel Hynes, an analyst at Australia and New Zealand Banking Group.
“The market is actually waking up to the fact that we are already facing restrictions on Russian oil without any formal sanctions. It is difficult to see what OPEC can do,” he added.
Source: Capital

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