- Oil prices edged up further on Wednesday amid uncertainties of supply disruptions in Russia
- WTI crude futures rose 44c to $72.29, up 2.2% from last week’s closing
- March contract expires on Thursday, and the more active April contract gained 42c to $72.25
- A major Kazakh crude export pipeline into Russia, the Caspian Pipeline Consortium (CPC), had its flows reduced by an estimated 30%-40% on Tuesday following a Ukrainian drone strike
- A 30% reduction is equivalent to the loss of 380 MBbl/d of supply to the market, according to Reuters
- WTI crude futures rose 44c to $72.29, up 2.2% from last week’s closing
- Frosts threaten oil supplies in the US (Oil Prices)
- The North Dakota’s Pipeline Authority warned the state’s oil and gas production rate could drop by up to 150 MBbl/d due to the cold weather
- North Dakota is the third-largest oil-producing state in the country
- The North Dakota’s Pipeline Authority warned the state’s oil and gas production rate could drop by up to 150 MBbl/d due to the cold weather
- A potential Ukraine-Russia peace deal unlikely to raise Russian oil flows (Reuters)
- According to analyst at Goldman Sachs, the easing of sanctions on Russia would not significantly raise Russian oil flows
- Analysts believe Russian crude is primarily constrained by its OPEC+ production target of 9 MMBbl/d as opposed to current sanctions
- The current sanctions affect the destination but not the volume of crude exports
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