(Source = AFP Federation)

獨 International oil price rises due to possibility of Russian oil embargo… Oil refining also strong

(Source = AFP Federation)

International oil prices rose as the possibility of Germany joining the European Union’s ban on Russian oil imports grew. As a result, oil refining-related stocks are strong in the domestic stock market.

On the New York Mercantile Exchange on April 28 (local time), the price of West Texas Intermediate (WTI) for June contract closed at $105.36 per barrel, up 3.3% from the previous trading day. On the London International Futures Exchange (ICE) on the same day, the price of July Brent crude also rose 2.2% to close at $107.26 a barrel.

As the possibility of Germany participating in the ban on crude oil imports from Russia increased, concerns about further disruptions in crude oil supply had an impact. The Wall Street Journal reported on the same day that the EU delegation from Germany said it would not oppose the EU measures to ban all Russian oil imports, “given Germany sufficient time to find alternative sources of oil.”

The EU has been considering a step-by-step plan to ban the import of Russian crude oil, but Germany has objected and failed to reach an agreement. If Germany does not ultimately oppose the EU embargo on Russian crude oil, the EU is likely to come up with a plan to phase out imports of Russian oil.

On the 27th (local time), German Deputy Prime Minister and Minister of Economy and Climate Robert Havek said, “Germany may impose a ban on imports of Russian oil.”

As international oil prices rose according to Germany’s declaration of position, oil refining-related stocks in the domestic stock market were also showing strength. At 2:17 pm on April 29, Heunggu Petroleum is trading at 9,000 won, up 9.62% from the previous trading day. At the same time, JoongAng Energy (7.25%), Daesung Industrial (5.57%), Kukdong Petrochemical (5.33%), and Michang Petrochemical (1.86%) also rose side by side.

Meanwhile, energy supply disruptions in other resources, including crude oil, are also appearing due to Western sanctions against Russia. Phil Flynn, an analyst at Price Futures Group, said: “The world is competing for energy supplies as Russia signals that it will use its energy dominance as a weapon. “We’re seeing this impact in the same resource,” he said.

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