Crude oil prices slipped to a nine-month low on Monday, as geopolitical uncertainties seemingly disrupt the supply of the commodity to the global markets. The prices of crude have dropped to their fresh lows since January of this year. West Texas Intermediate (WTI) for settlements in November dropped by 2.10% at 12:35 pm ET to sell for $77.15 per barrel. At the same time, for the same month’s settlements, Brent plummeted by 2.15%, selling for $84.50 per barrel. NN: We may have put in a bottom in several key markets including oil. As the gas from Russia stops flowing threw various pipelines (what ever the excuse) demand for oil will increase… See next story
Gas futures up by 5% as gas leaks hit two Russian pipelines
The prices of European gas futures rose over 5% on Tuesday as gas leaks hit two Russian pipelines that run under the Baltic Sea near Sweden and Denmark. The Swedish Maritime Authority issued a warning concerning the leaks in the Nord Stream 1 pipeline soon after discovering a leak in the nearby Nord Stream 2 pipeline that had led Denmark to restrict vessels to a five-nautical-mile radius. Denmark’s Ministry of Energy decided to put the energy sector on alert. UK natural gas futures for delivery in October rose 5.30% to 257.600 pence per therm at 11:29 am CET.
German officials believe Nord Stream was attacked – report
German authorities believe that crucial Nord Stream gas pipelines, severely damaged, were the target of an attack, Insider reported Tuesday, citing officials as saying. “We can’t imagine a scenario that isn’t a targeted attack. Everything speaks against a coincidence,” officials reportedly said. Moreover, multiple media reports from Politico, The Welt, and the Tagesspiegel have also suggested that the incidents in the Nordstream system have been intentional. Earlier, Kremlin spokesman Dmitry Peskov also said that he does not rule out “the possibility of sabotage” though this is “an exceptional situation that requires urgent investigation.” NN: I hate when this happens.. Oh by the way since winter is setting in repairs cannot begin till spring…… You remember the long COLD winter we have been talking about. Please note the bard new never used Nord Stream II and Nord Sea I pipelines are both out of commission……..