CRISIS ALERT: Oil Prices Set to PLUMMET as Iraq’s Kurdish Oil Exports Make a COMEBACK!
Prices UNDER PRESSURE: Are We About to See a MAJOR Oil Surge?
Hold onto your hats, folks! This morning, the oil market is buzzing with shocking news: the POSSIBLE RESUMPTION of oil exports from Iraq’s Kurdistan region is sending shockwaves through prices! With whispers of a potential restart in March, expect an explosive 300,000 barrels per day flowing through the Ceyhan pipeline again! This is a GAME-CHANGER!
Oil Market SHOCKER: Speculators Turn Bearish as Export Hopes Rise!
Even though last week saw oil prices being squeezed tighter than a drum, they still managed to scrape together a feeble gain—up a measly 0.11%. But beware! The tide is starting to turn! With the backwardation in ICE Brent still barely hanging on, the NYMEX WTI prompt spread has flipped back to contango. What’s that mean? A chaotic market shifting to uncertainty!
Speculators are feeling the heat, too! A MASSIVE drop in managed money net long positions in NYMEX WTI—down 18,303 lots! More traders are betting against oil than ever! This isn’t just a trend; it’s a warning that the bulls are retreating!
European Gas Prices DESCEND! Is the End of High Costs Near?
Meanwhile, European gas prices are falling faster than a lead balloon! With a staggering 9% drop last week—the biggest fall since early January—could relief be on the way? But hold that thought! Prices are still sky-high, with TTF trading over EUR 50/MWh. Conversations are brewing between the US and Russia for a potential peace between Russia and Ukraine, which could send sentiment soaring—or crashing back down!
Gas storage levels in Europe are a ticking TIME BOMB! Currently hovering just under 45% full compared to a five-year average of 54%, we’re in a precarious position! And a fresh cold snap is set to STRANGLE those storage levels even further before some much-needed warming arrives later this week!
Stay tuned as these developments unfold because the energy markets are about to get a whole lot more volatile! Buckle up—the drama is just beginning!
