Opinion: Waves of sanctions were supposed to crush the Russian economy, but it is still showing signs of resilience

Valves near a drilling rig at a gas processing facility on the Arctic Yamal peninsula, Russia, on May 21, 2019.MAXIM SHEMETOV/Reuters Near the start of the war, as the sanctions piled up, the Russian economy was thought to be doomed, possibly forcing President Vladimir Putin to sue for early peace. Almost three months later, there … Read more

Will Crude Hit $120 Again?

US West Texas Intermediate crude oil futures are ching higher on Friday, putting it in a position to finish higher for the week, as a planned European Union ban on Russian oil balanced demand concerns over slowing global economic growth. The price action this week suggests a stalemate between bullish traders hoping a European Union … Read more

Banks Rush To Assure Texas They Like Oil And Gas

More than two dozen banks and other financial firms have declared themselves as non-hostile to the Texas energy industry after the state went after the financial industry threatening to shut off its access to the Texas financial system. In March, Texas Comptroller Glenn Hager asked 19 financial companies, including the world’s largest asset manager and … Read more

Can Russia Actually Find Other Buyers If EU Moves Forward With Oil Embargo?

Russia is prepared to send any supplies rejected by European countries to other regions such as Asia, if the European Union (EU) brings in an oil embargo, warning the country’s Deputy Prime Minister Alexander Novak. He argued that Europe, which relies on Russia for around a quarter of its crude imports, would have to find … Read more

Why Investors Should Pay Close Attention To The Disappearing WTI-Brent Spread

The average investor might not think much about the oil price spread between West Texas Intermediate (WTI) and Brent Crude, which is usually only a couple of dollars per barrel–but the difference is actually vital, and one that every would-be oil investor needs to understand. To be fair, the price of WTI should be higher … Read more

The Swiss Connection: How Russia Is Weathering Tough Sanctions

A couple of weeks ago, Putin went on record calling the war in Ukraine a “tragedy” and claiming that economic sanctions imposed on his country had “failed.” Turns out he wasn’t exactly bluffing. Three months into the most severe and coordinated sanctions by Western governments, Russia’s economy is proving to be a hard nut to … Read more

API Reports Inventory Draws In Crude, Gasoline despite SPR Release

The American Petroleum Institute (API) reported a draw this week for crude oil of 2.445 million barrels, compared to analyst predictions of a 1.533 million barrel build. The draw comes even as the Department of Energy released 5 million barrels from the Strategic Petroleum Reserves in Week Ending May 13. US crude inventories have shed … Read more

New Trading Firms Replace Oil Majors In Business With Russia

New, small oil trading companies are replacing the commodity majors that are suspending their business relations with Russia amid Western sanctions against Moscow. Bloomberg reports that there are some legacy traders still exporting Russian crude, as well as several smaller players and a few new entrants into the field. The biggest Russian oil trader right … Read more