Great chart by Bluekurtic Market Insights Bluekurtic -> Middle East producers have started reducing oil production.
A rise in oil prices to around $108 per barrel could add roughly 0.8 percentage points to U.S. inflation. The impact on Europe and the UK would be far more severe due to their greater dependence on energy imports.
1973-74 oil embargo
Source: QE Infinity @StealthQE4
BREAKING: Oil just slipped back below $100.
It traded as high as $119 this morning...
The G7 may be preparing the largest oil reserve release in history.
G7 finance ministers held an emergency call to discuss a coordinated release of strategic petroleum reserves led by the IEA. The U.S. and two other countries support releasing 300–400 million barrels—25–30% of reserves and more than double the previous record. WTI crude briefly spiked to $120 before dropping to $102.5, while U.S. gasoline rose to $3.45 per gallon. This would be the largest emergency release in history. Source: Global Markets Investor
Germany, where spot gas prices have surged to above €60 per megawatt hour.
That makes natural gas roughly 6 times more expensive here than in the US. Source: Bloomberg, HolgerZ
America ALLOWS Modi Regime purchase oil from Russia temporarily.
American EXPECTS, India will purchase costlier oil from it. Narendra Modi’s regime is a puppet in the hands of America who has TRADED ‘India’ in return for support to Rule over India. Source: Raju Parulekar
Europe is the energy sucker.
Chart shows SX5E vs oil (inverted). This does not mean SX5E must crash to close the gap, but it shows you clearly just how vulnerable Europe is. Source: The Market Ear
From Yardeni:
“.. in our short-war scenario, oil prices should fall in the coming weeks after a ceasefire .. boosting US consumer spending and benefiting global economies .. The weekend’s Middle East developments make us even more confident in our Roaring 2020s scenario.”
