Oil prices surged on Wednesday as supply disruption fears mounted following hefty sanctions on Russian banks amid the intensifying Ukraine conflict, while traders scrambled to seek alternative oil sources in an already tight market.
The backwardation in the Brent futures contract, when prompt prices exceed later dated supply, surged to the highest ever according to data going back to 2004. The premium of the first-month Brent future to the sixth-month contract rose to as much as $18.55 a barrel.“Issues around trade finance and insurance - that’s all impacting exports from the Black Sea. The supply shocks are unfolding,” he said.
“People are not touching Russian barrels. You may see some on the water right now, but they were bought prior to the invasion. There won’t be much after that,” one New York Harbor trader told Reuters. A coordinated release of 60 million barrels of oil by International Energy Agency member countries agreed on Tuesday put a lid on market gains, but analysts said that would only provide temporary relief on the supply front.
Source: News Formal (newsformal.com)
Well, Trudeau and Gerald Butts had a mission to land lock Canadian oil long before this crisis. It was their climate plan. Add taxes and restrictive policies that raise the price of fuel so Canadians can’t afford to drive. This just added to Trudeau’s policy of tax it to death.
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