- WTI oil futures were up 5% Friday morning, continuing to exhibit high volatility
- The Brent crude contract has traded in the biggest range since the launch of the futures contract in 1988 (Bloomberg)
- Commodity prices were nudged higher Friday morning after Ukrainian officials said Russian forces attacked a nuclear plant
- JPMorgan said yesterday that Brent could end the year at $185/Bbl if Russian supply continues to be disrupted (Reuters)
- Currently, 66% of Russian oil is having difficulty finding buyers, JPM analysts, including Natasha Kaneva said in the note
- In the near term, the scale of the supply disruption is so large that oil prices need to reach and stay at $120/Bbl for months to incentivize demand destruction, the analysts said. The outlook assumes no immediate return of Iranian barrels