Oil Surges Past Key Level
by Bloomberg | Mia Gindis, Omar El Chmouri
click here to read this article at Rigzone.com
*this article was not written by Roseland Oil & Gas
Oil rose by the most since July, topping $64 a barrel, after US President Donald Trump’s increasingly hawkish rhetoric on Russia sent futures above a key technical level.
Trump on Wednesday said NATO nations should shoot down Russian aircraft that violated their airspace, raising the specter of supply disruption after remarking on Tuesday, that Europe should energy purchases from Moscow. West Texas Intermediate crossed its 100-day moving average of about $64.68.
Commodity trading advisers, which can exaggerate price swings, have been liquidating short positions, which sat at 36% on Monday, compared with 55% on Sept. 23, according to data from Bridgeton Research Group.
Meanwhile, Russia mulled restrictions on diesel exports for some companies following a spate of attacks by Ukrainian drones on its energy infrastructure, including pipeline facilities, that have put the nation’s supply in focus. Gasoil, a category that includes diesel, settled 2.4% higher in Europe on Tuesday, its biggest gain in three weeks, while diesel traders piled into bets on a surging diesel market.
“Crude continues to march higher today as geopolitical headlines escalate across several regions, while Ukraine’s strikes on energy infrastructure are impacting product flows and could eventually spill over into crude exports if unresolved,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group.
by Bloomberg | Mia Gindis, Omar El Chmouri
click here to read this article at Rigzone.com
*this article was not written by Roseland Oil & Gas