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Home / Futures Blog / Crude oil futures rise amid Ukraine-Russia tensions

Crude oil futures rise amid Ukraine-Russia tensions

April 16, 2014 by Daniels Trading

Concerns about the rising pitch of tensions between Russia and Ukraine pushed up Brent crude oil futures on Wednesday as the energy commodity registered at north of $110 per barrel for the first time since early last month, according to Bloomberg.

Prior to the release of official data about stockpiles in the world's largest consumer, West Texas Intermediate crude oil futures also were climbing during the midweek trade session. Supplies are likely to have dropped for a seventh consecutive week, according to a poll administered by the news service.

Security forces with Ukraine embarked on an effort to dispel pro-Russian militants in the eastern region of the nation on Wednesday. The forces managed to re-take possession of an airport as reports stated the separatists were supported by Russian military forces. Ukraine ousted its prime minister in February, prompting Russian forces to file in the Crimea region of the nation.

"Oil is being driven more by the Ukraine situation," states a Wednesday email authored by global head of market analytics Guy Wolf with Marex Spectron Group in London, according to Bloomberg. "Does this situation mean more intense disagreements elsewhere, as in the Cold War? In a tight market, such as WTI, anything can have an amplified effect."

At 9:14 a.m. on Wednesday, WTI crude oil futures rose 0.9 percent, a 93-cent lift to $104.68 per barrel. Brent crude oil futures climbed 0.72 percent, a 79-cent advance to $110.15 per barrel.

Chinese GDP low but strong
The energy commodity's upward drive was aided by economic data released by China, the globe's second-largest consumer.

Gross domestic product in China developed 1.4 percent during the first quarter of this year as compared to the final quarter of last year, according to data released by the National Bureau of Statistics.

"Also, the market has been preoccupied by all the geopolitics, the tensions," commodities analyst Sijin Cheng with Barclays Plc in Singapore told the news source on Wednesday. "Given that context, the reaction has been relatively muted."

China is projected to encompass about 11 percent of the world's supply of oil in 2014, according to data released by the International Energy Agency in France.

Reduced pace in China
The Chinese GDP data reflects the slowest development since the third quarter of 2012, according to Reuters.

However, the data pushed past average forecasts issued by analysts and economists polled by the news source.

An oil-rich African nation is poised to greatly capitalize on production of the energy commodity.

Ghana delves into oil commerce
Voice of America reports Ghana is aiming to propel forward as a result of a newly implemented law.

The Petroleum Regulation on Local Content and Participation aims to augment the job market and enhance business sentiment while encouraging development. The law also permits citizens of the West African nation to own no more than 5 percent of investments by worldwide companies.

The country started with commercial production of oil in 2010 after having discovered off-shore deposits of the energy commodity three years prior. Chief executive officer Theo Ahwireng with the Ghana Petroleum Commission said the nation is encouraging nationals to become involved with the effort as it stands to be beneficial to the country's economy.

"It is through participation that you develop the skills of the people, so that at the end of the day when the oil wealth is gone, you will leave an economy with skilled people and skilled business," the chief executive officer told Voice of America. "We've had fantastic response from a great number of the companies.  We have sat with them to help them go through the procurement process and I must say the support has been very good."

Risk Disclosure

This material is conveyed as a solicitation for entering into a derivatives transaction.

This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.

Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.

Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.

You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.

Filed Under: Archived News

About Daniels Trading

Daniels Trading is an independent futures brokerage firm located in the heart of Chicago’s financial district. Established by renowned commodity trader Andy Daniels in 1995, Daniels Trading is built on a culture of trust committed to the firm’s mission of Independence, Objectivity and Reliability.

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Risk Disclosure

This material is conveyed as a solicitation for entering into a derivatives transaction.

This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.

Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.

Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.

You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.

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