Oh dear!. Putin says it is just beginning. More to come unless his request were met. Even if war ends, how will the world carry out business with Russia. Something to ponder on.
NEW YORK: Oil surged on Friday, ending the week at multi-year highs as Russia's invasion of Ukraine intensified and oil buyers shunned barrels from the world's second-largest exporter of crude. Crude prices posted their largest weekly gains since the middle of 2020, with the Brent benchmark up 21% and U.S. crude gaining 26%. The most commonly traded oil futures closed at levels not seen since 2013 and 2008, respectively. Oil surged throughout the week as the United States and allies heaped sanctions on Russia that, while not aimed at Russian oil and gas sales, nonetheless squeezed its industry, and threatens a growing supply crunch in coming months. Brent LCOc1 futures rose US$7.65, or 6.9%, to settle at $118.11 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 rose $8.01, or 7.4%, to end at $115.68.
That was the highest close for Brent since February 2013 and for WTI since September 2008. During the week, Brent rose to its highest intraday since May 2012 and WTI its highest since September 2008.
Russia exports 4 million to 5 million barrels of oil daily, making it the second-largest crude exporter in the world after Saudi Arabia. Traders were barely able to sell Russian oil all week, with Shell PLC SHEL.L on Friday the only notable buyer of a Russian cargo, which was sold at a steep $28-discount to physical Brent crude. The tumult is likely to continue. The Biden administration, under pressure from lawmakers from both major parties, said it is considering options for cutting U.S. imports of Russian oil even as it tries to minimize the impact on global supplies and on consumers. "While U.S. oil imports from Russia are small in a global context," UBS analyst Giovanni Staunovo said crude prices rallied late in the day because "some market participants might be concerned that other countries might follow that step." Britain will look to target Russia's energy sector in future rounds of sanctions, its foreign minister said Friday. The government has resisted this move so far, due to concerns that it will push up energy bills. Most Americans support the idea of banning Russian oil imports, with 80% saying the United States should stop buying Russian oil, according to a Reuters/Ipsos poll completed on Friday. Canada banned imports of Russian oil earlier in the week. Russia's largest buyers include China, South Korea, Germany and the Netherlands. Some refiners have stopped buying Russian oil, and trading firms are reluctant to transact with Russian sellers for fear of more sanctions. Indirect talks between Iran and the United States on reviving the 2015 Iran nuclear deal were close to reaching an agreement, the chief British envoy said on Friday as she and her French and German colleagues flew home to brief ministers. Analysts said such an agreement could add another 1 million barrels of daily supply to the market, but that would not be enough to offset declining supply from Russia.More oil supplies are set to be added from a coordinated release of just over 60 million barrels of oil reserves by developed nations, agreed this week. Japan said on Friday that it plans to release 7.5 million barrels of oil.
A bit hard to limit up. Unless the big funds want to sell highest and out. The bull run just started. No one know how far can go. Their reference number will be USD 150. Once breakout will go higher. Next week might test USD125
This stock is so difficult to trade. A lot of proprietary algorithms at work, probably uses Venn and similar products from Two Sigma and Akuna. I still have no budget to upgrade my strategies
VIENNA, March 5 ? International Atomic Energy Agency (IAEA) chief Rafael Grossi said today that reviving the 2015 nuclear deal between Iran and world powers will not be possible without resolving Tehran?s issues with the agency.
Iran's nuclear chief Mohammad Islami said it would take three or four months to resolve outstanding issues.
Oil price surging above $125, $150, $180....hold lesser and lesser meaning. So long as Price is in range $110-115....you'll be so glad for Hibby. Even for the rest of 2022 at $95.......Hibby's EPS is astounding........and you can take that to the Bank!
Hibby's current price can consolidate and build a stronger and better foundation. Take's time and it's better for the coming QR.
Rushing up may pull back if the building blocks tumbles at the shake of Oil price dipping a tiny bit.....so? Why hurry the build-up......go slow, it's better and more comfortable.......lower risks and feels better....just as those who had bought at 90c.......the feeling is REAL.
Furthermore, the Oil Demand and Supply Curve is showing acute shortage in supply and coupled with OPEC's reluctance to obey USA.........the supply could only stay short and prices up. Should Russian Oil be further sanctioned by US (even currently not sanctioned in USA) the supply would cause economic havoc worst than 1970s.
Even though the warrants have not been exercised, for the purposes of the SEC filing trigger they have to be counted, technically putting Berkshire’s stake at more than 17%.
And may I add that Warren or his shareholders wouldn't shit their pants if Occidental share price dropping by 10c to 30c??????? But most Contra player or bilis would have wet their underwear on Bursa when Hibby drops 2c.......hehehehe
The article says " as Occidental was rallying, Berkshire was buying". Warren Buffett's Berkshire Hathaway is buying more shares in the oil stock, did he see something we don't
Some people are just so blessed and so lucky with the golden touch........back 2019 when Covid-19 strike....Occidential made quarterly interest payment with shares!.......(they have since reverted to cash)......and Warren ended up with more shares at low prices!
The old format looks much better and the date and time of a post is much more informative than "5 hours ago" or "1 day ago”. Also the limited window height is a bad joke.
Russia has announced sanctions are a declaration of war. That means the conflict may widen to other parts of Europe. He is also capable of shutting the supply of oil and gas to European countries. A big shock for prices if that happens.
LONDON: Oil prices are set to surge further this week due to delays to the conclusion of Iranian nuclear talks and the potential return of Iranian crude to global markets, which are already suffering from Russian supply disruptions, analysts said.
Russia has raised fresh demand for written US guarantees that sanctions on Moscow over its invasion of Ukraine would not harm Russian cooperation with Iran. China has also raised new demands, according to sources.
Last week, the Brent benchmark LCOc1 rose 21% to close at US$118.11 a barrel and US crude gained 26% CLc1 to close at US$115.68, levels not seen 2013 and 2008, respectively, as Russia struggled to sell oil amid fresh sanctions.
"Iran was the only real bearish factor hanging over the market but if now the Iranian deal gets delayed, we could get to tank bottoms a lot quicker, especially if Russian barrels remain off the market for long," said Amrita Sen, co-founder of Energy Aspects think-tank.
Sen said Brent could rise to US$125 per barrel on Monday, quickly approaching an all-time high of US$147, last seen in 2008.
Analysts from JP Morgan said this week oil could soar to US$185 per barrel this year.
Russia exports around 7 million bpd of oil and refined products or 7% of global supply. Some volumes of Kazakhstan's oil exports from Russian ports have also faced complications.
Iran will take several months to restore oil flows even if it reaches a nuclear deal, analysts said.
Eurasia Group said fresh Russian demands could disrupt nuclear talks, although it still kept the odds of a deal at 70%.
"Russia may intend to use Iran as a route to bypass Western sanctions. A written guarantee allowing Russia to do so is probably well beyond the realm of what Washington can offer in the midst of a full-scale war in Ukraine," said Eurasia's Henry Rome.
Definitely, the whole economy will melt down with this crazy global oil price. The supply chain will be heavily disrupted with high raw material cost & transportation costs. Hence, all investors here who gain profit can at least cover the extra expenses needed for the higher cost of living in the near future. We are looking at >100% investment profit as this is the only oil counter in Bursa with debt free plus potential of 3x higher production vs. previous quarter. Don't look at PE as I know some choose to invest another oil counter at PE4, whose position is not as good as Hibiscus for sure (debt free, business expansion & transparencies)
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Posted by freddiehero > 2022-03-04 18:52 |
Post removed.Why?