Commodities: Trump's Venezuelan Oil Tanker Blockade
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ING Economic and Financial Analysis4.96K FollowersFollow5ShareSavePlay(7min)CommentsSummaryThe oil market sell-off accelerated yesterday. ICE Brent is settling 2.7% lower, breaking below US$60/bbl to its lowest level since February 2021.European natural gas prices continued to come under pressure yesterday, with the Tittle Transfer Facility (TTF) settling 2.4% lower.South32 will shut its Mozal aluminium smelter in Mozambique after failing to secure a long-term electricity supply, adding to an already tight market.CBOT wheat prices extended losses for a third consecutive session yesterday. putilich/iStock via Getty Images By Warren Patterson, Head of Commodities Strategy and Ewa Manthey, Commodities Strategist The oil surplus environment saw Brent trade down to its lowest level since February 2021 yesterday. However, prices are finding better support in early morningThis article was written byING Economic and Financial Analysis4.96K 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.