WTI crude oil rose as high as $100.54 but has backed off to $97.42 on uncertainty about the sanctions package. This comment is from an unnamed EU diplomat and is also cagey.
I take it to read that all energy won't be sanctioned but that should already be in the baseline.
The EU diplomat said they want to see the biggest possible package, targeting industry, export controls and financials (notably that doesn't include energy).
Another report said EU diplomats will meet tonight to decide on sanctions and to talk about further sanctions beyond that.
TTF European benchmark gas prices are up 50% today.
US sanctions are coming at 12:30 pm, when Biden is set to deliver an address. The US is likely to go very hard because it has much less to lose than Europe.
