The energy sector is set for a mixed start, supported by strength in the underlying commodities while...
The energy sector is set for a mixed start, supported by strength in the underlying commodities while pressured by weakness in the major equity futures which dropped as investors assessed the fallout from a new set of sanctions imposed by the Western countries on Russia over its invasions of Ukraine. The worsening geopolitical crisis has added to investor concerns, including soaring inflation and the Federal Reserve's plans to tackle it, with all the major indexes tracking their second straight month of losses.
WTI and Brent crude oil futures are up in early trading amid growing tensions in Eastern Europe as Western allies imposed more sanctions on Russia and blocked some Russian banks from the SWIFT international payment system, which could cause severe disruption to its oil exports. Traders said the Russian oil buyers had struggled to find vessels in the Baltic Sea for cargo loading after March 10, while they also reported that freight costs for Russian oil delivery had spiked five-fold in the Black Sea within a week. Western powers could intervene in energy markets as they are considering releasing 70mln bbls from energy stockpiles through the IEA.
Central Bank of Russia says stock market to be shut on Monday - Ruble plunges
The Central Bank of Russia said the stock market will be closed on Monday, and that...
The Central Bank of Russia said the stock market will be closed on Monday, and that it will announce whether it will reopen on Tuesday. The pain will be intense when stock trading resumes -- shares of Russian companies with secondary listings in London plunged, with Fix Group FIXP, -78.31% dropping 76% and Magnitogorsk Iron & Steel Works MMK, -68.08% falling 68%.
Meanwhile, the Russian central bank more than doubled interest rates to 20% on Monday, as the ruble plunged following further moves by Western powers to the country over the invasion of Ukraine.
Russian Firm Buys Mexican Acreage In The Middle Of Ukraine Invasion
Right in the midst of Putin’s invasion of Ukraine, Russia’s Lukoil is treating everything...
Right in the midst of Putin’s invasion of Ukraine, Russia’s Lukoil is treating everything as business as usual and has just completed the acquisition of a 50 percent operated stake in the Area 4 project offshore Mexico.
Lukoil today announced the completion of this transaction, with the Mexican authorities approving the deal earlier this month. The transaction value amounts to $435 million, plus expenditures in the region of $250 million incurred since January 1, 2021.
Iraq Shuts Down Two Oil Fields, Further Curtailing OPEC Output
Iraq stopped oil production from two southern fields with a combined capacity of almost half...
Iraq stopped oil production from two southern fields with a combined capacity of almost half a million barrels a day.
The shutdowns curtail the ability of OPEC’s second-largest member to pump crude just as Russia’s invasion of Ukraine and tight supplies globally send prices soaring.
The outages come as many OPEC members, including Iraq, struggle to reach their production quotas, causing global energy markets to tighten as demand recovers from the coronavirus pandemic.
