Sanctions on Russia’s banking system have turbocharged a rally in the country’s key export commodities, with investors speculating that Western allies could begin to target already tight wheat and energy markets.those targeting its banking systemStrategists believe it could only be a matter of time before sanctions begin to be levelled against Russia’s key industries including wheat, oil and gas.
On Monday, the price of Brent crude spiked to $US105.07 a barrel. On Tuesday, it was trading just shy of $US100 a barrel. “If we were to see further sanctions which target energy exports, I believe that there would be significant more upside for oil prices,” said Mr Patterson. “How much would really depend on whether we see certain buyers taking advantage of heavily discounted Russian oil. I would suspect that under such a scenario, China and possibly India would increase their share of Russian oil purchases.”
Gas prices have also spiked on the recognition that supply from the east is at risk. The price of Netherlands TTF natural gas soared as much as 36.6 per cent to €125 a megawatt hour at the open on Monday. It settled through the session amid reports Russia and Ukraine had agreed to talks,In just the last week, the price of European gas has soared 74 per cent.
Canada declared its plans to ban Russian crude oil imports, however, as an energy producer in its own right Canada is only a marginal customer of Russian output.
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Source: FinancialReview - 🏆 2. / 90 Read more »