Commodities: Oil Surges Above $100 Amid Middle East Disruptions

ING Economic and Financial Analysis5.22K FollowersFollow5ShareSavePlay(4min)CommentsSummaryOil prices skyrocketed this morning, with ICE Brent trading as high as $111/bbl.The combination of the production shut-ins and no signs of de-escalation in the war means the market is having to aggressively price in a prolonged supply disruption.The latest positioning data shows that speculators surprisingly decreased their net long in ICE Brent over the last reporting week.Refined product output from the Persian will also face similar issues. Refineries will need to start reducing run rates due to inventory buildup. However, the issue with refined products is not limited to just the Persian Gulf. lerbank/iStock via Getty Images By Warren Patterson, Head of Commodities Strategy Oil market starts pricing in longer supply disruption Oil prices skyrocketed this morning, with ICE Brent (CO1:COM) making easy work of $100/bbl and trading as high as $111/bbl. Over theThis article was written byING Economic and Financial Analysis5.22K FollowersFollowFrom Trump to trade, FX to Brexit, ING’s global economists have it covered. Go to ING.com/THINK to stay a step ahead. We’re sorry we can’t reply to individuals' comments.Content disclaimer: The information in the publication is not an investment recommendation and it is not investment, legal or tax advice or an offer or solicitation to purchase or sell any financial instrument.This publication has been prepared by ING solely for information purposes without regard to any particular user's investment objectives, financial situation, or means. For our full disclaimer please click here.