- West Texas Intermediate breached $100/Bbl as the Russian invasion of Ukraine continued to send shockwaves through the market
- The possibility of oil sanctions may be offsetting the potential release of emergency reserves by some consuming nations
- As Russia moves forward with its assault on Ukraine, rhetoric from U.S. politicians on sanctioning Russian energy has increased
- The U.S. and its allies are mulling whether to release about 60 MMBbl of oil from their emergency stockpiles as crude prices trade over $100 (Bloomberg)
- Discussions include a release of 30 MMBbl from the U.S. Strategic Petroleum Reserve and an equal amount from other countries
- EU energy commissioner Kadri Simson said on Monday that “Releasing part of these stocks is a powerful tool that member states can use, but the right conditions have to be in place.”