Oil tops $100, gas, grains, metals spike as Russia invades Ukraine

Brent Crude  was trading  up  6.95%  at  $100.59

Global commodity prices jumped towards multi-year highs on Thursday as Russia launched a full scale invasion of Ukraine, with prices responding in knee-jerk fashion despite steady export flows of Russian oil, gas, grains and metals to the West.

Oil prices rose above $100 per barrel for the first time since 2014, UK and Dutch gas prices rose 30%-40% and wheat futures in Chicago jumped to a 9-1/2 year high. [NG/EU]

Russia supplies 10% of global oil, a third of Europe’s gas and, together with Ukraine accounts for 29% of global wheat exports and 80% of sunoil and 19% of maize exports.

Russia is also a major aluminum, nickel, platinum, palladium, uranium, titanium, coal, timber and fertilizers producer.

Key commodities jump higher on Thursday after Russia launches a full invasion of Ukraine – https://fingfx.thomsonreuters.com/gfx/ce/dwvkrlrwmpm/CommoditiesJumponRussia.png

The country supplies significant volumes of gas to Europe via Ukraine, mainly to countries such as Austria, Italy and Slovakia as well as Germany and Poland although the latter get most of their Russian gas via other routes.

Russia launched an all-out invasion of Ukraine by land, air and sea on Thursday, the biggest attack by one state against another in Europe since World War Two.

Russia’s state gas pipeline monopoly Gazprom (MCX:GAZP) said supplies through Ukraine were as normal and Ukraine said its energy infrastructure has not been damaged. Austria also said it was receiving normal gas deliveries.

At least ten oil traders with trading houses and Western oil majors said there have been no interruptions to Russian oil flows including via the Black Sea.

Russia, Kazakhstan, Azerbaijan and Turkmenistan ship some 2-3 million barrels per day or 2-3% of global supplies to markets via the Black Sea.

Turkey, a member of the NATO Western military alliance, has control over the Bosporus that connects the Black and Mediterranean Seas.

RSI Stood at 71.954, the current price is trading Above All  the Moving Averages   . So, a  Buy trade can be executed with the following target and stop-loss:

TRADE SIGNAL-BRENT CRUDE Buy: 100.40, TARGET:-101.00, STOP LOSS:- 99.90.

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