Ukraine factor pushes crude oil futures higher

The US National Security Advisor’s statement on Russia’s possible invasion of Ukraine has driven the price of crude oil futures around the world.

March crude oil futures were trading at ₹7,000 a barrel on the Multi Commodity Exchange (MCX) during the early hours of trading on Monday morning against the previous close of ₹6,818 – up 2.67% , and February futures were trading at ₹7,118 versus the previous close of ₹6,921 – up 2.85%.

April Brent oil futures were quoted at $95.47, up 1.09% and March WTI crude oil futures were quoted at $94.35, up 1.34 %.

Reports quoting US national security adviser Jake Sullivan said Russia could invade Ukraine “any day now”. News reports citing Sullivan’s statement to CNN about Russia’s possible invasion of Ukraine said, “We can’t perfectly predict the day, but we’ve been saying now for some time that we’re in the window.”

Any invasion by Russia could lead to US and European sanctions against that country. This development could affect the supply of crude oil to the world market, as Russia is one of the main suppliers of crude oil.

The crude oil market is already facing supply issues for global consumers. The Organization of the Petroleum Exporting Countries (OPEC) and its allies, commonly referred to as OPEC+, are struggling to increase production despite their assurances to increase production to 400,000 barrels per day.

On MCX, February natural gas futures traded at ₹312.20 during the early trading hours from the previous close of ₹295.30, up 5.72%, and futures March futures were trading at ₹311.50 from the previous close of ₹295.60, up 5.38. percent.

Ongoing tension between Russia and Ukraine may also impact natural gas markets, as markets fear that any sanctions against Russia will affect supply to some European markets.

Dhaniya, jeera up

On the National Commodities and Derivatives Exchange (NCDEX), April dhaniya futures were trading at ₹11,050 per cwt in the first hour of Monday morning, against the previous close of ₹10,838, up 1, 96%.

March jeera futures were trading at ₹21,105 on NCDEX in the first hour of Monday morning, against the previous close of ₹20,860, up 1.17%.

February soybean futures were trading at ₹6,640 on NCDEX in the first hour of Monday morning, down from the previous close of ₹6,643, down 0.05%.

Published on

February 14, 2022

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