Russia’s invasion of Ukraine triggered a sharp but brief rally in oil prices. The terror attack on Israel, the retaliation in Gaza and the resultant atrocities on commercial ships in the Red Sea also failed to cause considerable anxiety amongst market players.
Russia’s invasion of Ukraine triggered a sharp but brief rally in oil prices. The terror attack on Israel, the retaliation in Gaza and the resultant atrocities on commercial ships in the Red Sea also failed to cause considerable anxiety amongst market players.
Front-month WTI ended last week 5 cents/bbl higher and its European peer gained 9 cents/bbl. These seemingly lukewarm performances imply equilibrium in our market where supply and demand are in harmony, whether it is perceived or actual.
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