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Oil prices jumped 5% to over $121 a barrel on Wednesday, March 23, 2022. Disruptions to Russian and Kazakh crude exports through the Caspian Pipeline Consortium added to concerns about tight global supplies, which the article ties to sanctions on Russia.
The CPC pipeline carries about 1.2 million barrels per day, so its outage removes a meaningful slice of supply and supports higher crude and energy prices that flow into feed costs.
reuters.comDavid GaffenMar 23, 2022After 22 past bullish logistics events, Crude Oil (Brent) moved a median -0.7% over 5 sessions (45% higher; middle half -5.7% to +4.5%), and -1.2% over 20.
After 26 past bullish logistics events, Crude Oil (WTI) moved a median +1.2% over 5 sessions (58% higher; middle half -5.1% to +9.5%), and +2.0% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Brent jumped 5% to over $121 on March 23 on CPC pipeline disruptions to Russian and Kazakh exports, a direct supply shock at the end of the window.
Oil jumped 5% on March 23 on Caspian Pipeline Consortium disruption, which cut Russian and Kazakh export supply; it is just after the end date but is part of the same rally.
Oil jumped 5% on March 23 on Caspian Pipeline disruption, but this falls after the March 21 window end, so it only confirms the rebound's direction.
