# Oil blasts through $110/bbl, as few alternatives seen to Russian supply

> Oil rose above $110 a barrel as sanctions on Moscow and divestment from Russian oil left the market expecting months of short supply. Few alternatives were seen to replace Russian barrels.

- Date: 2022-03-01 · published 2022-03-01T12:00:00.000Z
- Category: geopolitics · region Global · magnitude high
- Page: https://feedsoft.ai/events/6280-oil-blasts-through-110-bbl-as-few-alternatives-seen-to-russian-supply
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Tight crude supply lifts diesel and energy costs across the feed supply chain. The price signal can also pull up vegetable oil and biofuel-linked feedstock values.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2022-03-02 | 1 | +7.4% | 3.6 | Oil rose above $110 on expectations of months of short supply after sanctions and divestment from Russian oil. |
| BRENT | 2022-03-04 | 5 | +25.7% | 5.2 | Brent broke above $110 on March 2 as sanctions and divestment left the market expecting months of short Russian supply. |
| BRENT | 2022-03-07 | 5 | +23.6% | 5.8 | Oil broke above $110 as few alternatives were seen to replace Russian supply. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-04-18 | [Oil rises over 1% as Libya outages add to Russia supply fears](https://feedsoft.ai/events/42013-oil-rises-over-1-as-libya-outages-add-to-russia-supply-fears.md) | -4.0% | +3.4% |
| WTI | 2022-03-09 | [USGC refiners seek alternatives for Russian feedstocks](https://feedsoft.ai/events/4723-usgc-refiners-seek-alternatives-for-russian-feedstocks.md) | -22.0% | -17.5% |
| WTI | 2022-03-04 | [Oil surges to multi-year highs as Russian supply shortfall looms](https://feedsoft.ai/events/6279-oil-surges-to-multi-year-highs-as-russian-supply-shortfall-looms.md) | -1.6% | -6.7% |
| WTI | 2022-03-20 | [Oil Surges On Growing Supply Fears as EU Considers Russian Ban - Bloomberg](https://feedsoft.ai/events/8485-oil-surges-on-growing-supply-fears-as-eu-considers-russian-ban-bloomberg.md) | +10.3% | +3.4% |
| WTI | 2024-03-19 | [Oil rises to multi-month highs on Russian supply concerns](https://feedsoft.ai/events/31370-oil-rises-to-multi-month-highs-on-russian-supply-concerns.md) | -1.3% | +3.1% |
| BRENT | 2022-04-18 | [Oil rises over 1% as Libya outages add to Russia supply fears](https://feedsoft.ai/events/42013-oil-rises-over-1-as-libya-outages-add-to-russia-supply-fears.md) | -4.8% | +0.5% |
| BRENT | 2022-03-09 | [USGC refiners seek alternatives for Russian feedstocks](https://feedsoft.ai/events/4723-usgc-refiners-seek-alternatives-for-russian-feedstocks.md) | -21.5% | -18.3% |
| BRENT | 2022-03-04 | [Oil surges to multi-year highs as Russian supply shortfall looms](https://feedsoft.ai/events/6279-oil-surges-to-multi-year-highs-as-russian-supply-shortfall-looms.md) | -0.9% | -4.7% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2022-03-01/wti-oil-jumps-4-to-107-55-as-fears-over-a-shortfall-grow
- reuters.com: https://www.reuters.com/business/energy/oil-jumps-3-choked-russian-supply-trade-finance-dries-up-2022-03-02/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.