Short Squeeze Sends Oil Prices Above $120

Oil pushed higher ahead of high-level meetings that may result in fresh sanctions on Russia, and as a vital Black Sea terminal may be disrupted for weeks following storm damage. Overnight, Reuters reported that Russian and Kazakhstan oil exports via the Caspian Pipeline Consortium (CPC) from the Black Sea may (read: will, now that all commodities are weaponized) fall by up to 1 million barrels per day (bpd), or 1% of global oil production, due to storm-damaged berths, a Russian official said on Tuesday. Pavel Sorokin, a deputy energy minister,…