Oil prices have been volatile for quite a while now. WTI futures fell -4.24% on the week, Brent fell -3.95%, gasoline fell -3.98% and heating oil fell -5.32%. On the anniversary of Russia’s invasion of Ukraine we take a look at oil at what is going on and influencing it. Oil prices continue to trade back and forth between geopolitical risks and massive builds from low refinery usage due to maintenance. Futures have been ignoring large US builds and have chosen hope with China opening up rather than negative morose from China’s economic implosion and the Central Bank maelstrom.
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On the anniversary of Russia’s invasion of Ukraine oil has started the shortened week with natural gas down another 8% but WTI only marginally down on geopolitical nerves.
The Wall Street Journal reported earlier that China’s President Xi will likely head to Moscow in April or May to meet with President Putin and encourage peace talks. That view runs counter to Secretary of State Blinken’s accusation over the extended weekend, reported in The New York Times, that China is considering providing lethal assistance to Russia. Meanwhile President Putin announced Russia will suspend its participation in the New START nuclear treaty.
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