West Texas Intermediate futures in New York traded above $106 after settling at $103.41 a barrel on Tuesday. The International Energy Agency agreed to deploy 60 million barrels from stockpiles around the world, which amounts to less than six days of Russian output. Financial sanctions against Russia continue to mount, raising the specter of a major global supply disruption.
The invasion of Ukraine has upended commodity markets from oil to natural gas and wheat, piling inflationary pressure on governments. Commodity prices soared the most since 2009, with the Bloomberg Commodity Spot Index, which tracks 23 futures contracts, climbing 4.1% on Tuesday.
“We are quite afraid that we are going to lose supply from Russia,” said Bart Melek, head of commodity strategy at TD Securities. “The release from strategic reserves does not seem to be enough.”
- CRISIS IN SRI LANKA, No Gas, No Food, Country is Bankrupt, Politicians Being Beat, Murdered, Gov Buildings on Fire, Over 3000 killed in last 24 hours
- New York Post: Front Page: “Joe’s Train Wreck”
- 12 Nightmarish Economic Trends That We Should Expect To See During The 2nd Half Of 2022
- How Has Monkeypox Spread All Over The Globe At Lightning Speed?
- Everyone is Going to Starve to Death Because of American Lunacy
- Kim Dotcom’s Twitter Thread About the Great Reset
- From 1958, 2003/06 – CDC Vaccine Adverse Events, Smallpox – Holy Hell
- A large fire is spreading from a pallet yard behind the US Foods distribution center in Phoenix, Arizona
- Fed Insider: “The Fed is NOT Coming to Save Stocks This Time”
- Madison Cawthorn Kicked Out of Congress for Blowing the Whistle on GOP Orgies and Calling Out Zelensky