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US may place price cap on Russian oil above $60 per barrel – Bloomberg (NYSEARCA: XLE)


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U.S. officials may seek a limit the price of Russian oil exports above $60/bbla higher level than previously planned, Bloomberg reported on Friday.

The higher limit seems to contradict the main goal of the plan – to depriving Russia of the oil revenues that help fund the war in Ukraine – but it would align with another goal of keeping Russian oil on the market at a price high enough to cover production costs and encourage encourage production to continue.

Vladimir Putin has said that Russia will not sell to countries that favor capital caps, which has been criticized by industry insiders and even some US allies as unfeasible.

Many details remain unresolved as officials from participating countries meet this month to determine limits on crude oil and some refined products.

Oil futures prices rose on Friday and produced a modest gain for the week, as juggling trader concerns about a global economic slowdown in light of signs of tightening oil markets.

Nymex crude oil delivered last month (CL1: COM) for December delivery settled + 0.5% this week to $85.05/barrel and December Brent crude (CO1: COM) close the door + 2% at $93.50/bbl.

Meanwhile, U.S. natural gas fell sharply this week due to rapidly expanding domestic supplies, warm weather forecast in typically winter parts of the country and concerns about a tightening market. The market due to Russia cutting gas flows to Europe has gradually decreased.

Nymex natural gas last month (NG1: COM) for November delivery fell for the ninth consecutive week, -23.1% to $4,959/MMBtu.

Energy (NYSEARCA:XLE) topped this week’s S&P sector rankings, + 8.2%marked by a record high for Exxon Mobil.

Top 10 gainers in the energy and natural resources sector over the past 5 days: (LFG) + 52.9%(KLXE) +37.5%, (CLNE) + 36.1%(OPAL) + 35.5%(PARR) + 25.5%(MNTK) +25%(FANG) + 23.6%(OIL-SHORE) + 23.3%(PLL) + 22.5%(PUMP) + 22.5%.

The 5 biggest declines in energy and natural resources in the past 5 days: (NRGV) -19.2%(AMPS) -14.5%(IREN) -11.2%(MOTHER) -10.4%(PEGY) -ten%.

Source: Barchart.com

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