Daily Alert – Wednesday 2nd March 2022: Oil soars, equities hit

Mark NugentDaily Alert, March 2022

Daily Alert – Wednesday 2nd March 2022: Oil soars, equities hit

Good morning.

Intensification of the Russian onslaught in Ukraine is driving up the oil price. WTI rose by over USD10/bbl yesterday and is continuing up as I write. This is feeding into concerns about economic growth and depressing equity prices. The US and others have released part of their strategic oil reserves to ease the pain. The International Energy Authority warns of a threat to global energy security.

On currencies we see a falling GBP and EUR, driven largely by reliance on Russian oil and gas and the fear that Russia will use energy in retaliation to western sanctions.

I am watching EURUSD closely. There are good reasons to short this pair. I will wait for equities to turn up. I think oil has got away from me.

We’ll be back tomorrow.

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