International oil price situation 2022-03-17

Since the escalation of international tensions on February 24, the core contradiction between sanctions and counter-sanctions has been concentrated in the energy market, resulting in a strong resonance in the global energy market and a rapid widening of the basis (spot-futures) level. Concerns about supply have made Brent spot premium futures once exceeded 10 US dollars / barrel, and after the United States issued a ban on Russian energy imports, Brent futures prices also soared to around 130 US dollars / barrel, compared with the average price of 94 US dollars / barrel in February, The increase was as high as 38%. However, on March 9, the futures price collapsed rapidly, from nearly $130/barrel to $112/barrel, a drop of as much as $18/barrel, setting the largest crude oil since the subprime mortgage crisis in 2008. record single-day drop.


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