Uscommodity Brent Oil Fund Lp Etf ETF News

Russia and Ukraine hold important positions as exporters in the global commodities market. Thus, the escalation in tensions has sparked a rally in a broad range of commodities.

Ukraine Invasion Scrambles Hedge Funds'' Outlook For Oil: Kemp By John Kemp, Senior Market Analyst at Reuters Prior to Russia’s invasion of Ukraine, investors were reducing their bullish position in crude oil and refined products, which likely explains the extreme volatility once the military operation started. Hedge funds and other money managers sold the equivalent of 14 million barrels in the six most important petroleum-related futures and options contracts in the week to Feb. 22, according to regulatory data. Portfolio managers have been net sellers in four of the five most recent weeks… ... reducing their combined position to 714 million barrels from a recent peak of 761 million on Jan. 18. Before the invasion, the hedge fund community was still bullish about the outlook for prices, with the combined position in the 63rd percentile for all weeks since 2013. But funds were a little less bullish than they had been in the middle of January, when the combined position was in the 70th percentile.

Brent crude rose above $113 a barrel Wednesday — the highest level in eight years.

Brent #oil crude briefly hit $115/bbl, highest level since 2014, as Russia-Ukraine war fuels panic buying & OPEC+ sticks to plan for small April output rise despite surging prices. h/t Holger Zschaepitz Our Twitter for Quick Updates: Twitter Follow Us

The market''s surge has been dramatic, with global benchmark Brent crude gaining 11 percent this week alone.

In India, MCX crude futures for March 21 delivery hit an all-time high of $8,274 a barrel.

Citigroup analysts predicted that Brent would fall as much as 20% by the second half of the year. The Ukraine conflict has now made a bet against oil too risky.

Brent crude oil prices touched an intra-day high of $121.89 per barrel, the highest since April 2012, before paring some gains

Global benchmark Brent crude spurted to $113/barrel on Wednesday, unimpressed by a US-led initiative for a co-ordinated release of 60 million barrels from emergency stockpiles of 31 International Energy Agency (IEA) member-countries, as sanctions force consumers to shun Russian oil.

Oil prices shot up to over $112 per barrel early on Wednesday, rallying by 10 percent so far this week, as most of the Russian seaborne crude oil exports have become untouchable for buyers after sanctions against Russia for invading Ukraine. As of 9:13 a.m. ET on Wednesday, just as OPEC+ finished their regular monthly meeting, WTI Crude was soaring by 7.02% to $110.67 and Brent Crude had surged by 6.94% at $112.25. Despite the fact that the sanctions against Russia carve out energy and energy payments out of the SWIFT restrictions and bans, Russian…

BRENT, which Nigeria’s oil is priced, crossed the $105/barrel price on Tuesday, as it rose to the highest price ever recorded since about….

Brent crude futures rose by more than $8, touching a peak of $113.02 a barrel, the highest since June 2014, before easing to $111.53, up by $6.56 or 6.3% by 0950 GMT

Brent crude futures rose by as much as $8. The post Ukraine: Oil hits $113 a barrel, highest since 2014 appeared first on Premium Times Nigeria .

Oil is rallying hard on the Russia-Ukraine crisis. However, it's not only oil that has been getting a boost from the crisis. The disruptive metals industry is following the suit.

Oil Surges Into ''Super-Backwardation'' After OPEC+ Sticks To Production Plan, Shuns Biden''s Demands In what one observer called "the fastest one yet" - the meeting lasted just 13 minutes, beating last month’s record for brevity - OPEC+ 23-nation coalition led by Saudi Arabia ratified an increase of 400,000 barrels a day on Wednesday, continuing the gradual restoration of output halted during the pandemic, according to delegate sources. This was merely ratifying the plan - as expected - and notably gives no deference to President Biden''s urgings for the cartel to raise production to rescue his approval ratings at home. The quota breakdown is as follows: Source: @Amena_Bakr Have tried twice yesterday to send headlines around the world of a 60mm barrel release from global strategic reserves, and now OPEC+ not helping, oil prices are re-extending gains this morning with WTI back above $110… Additionally, this has all sent WTI and Brent time-spreads into what is being called ''super-backwardation'' as WTI M1-M6 spreads explode to record highs suggesting the tightness of current oil markets is becoming extreme...