crude flat prices skyrocketing today. Brent surged 29 pct to $119.50/ bbl while WTI went up 31.4 pct to $119.48/bbl on Mon morning during Asian hrs. The benchmark prices boosted amid escalation of ME tensions, Ongoing delay in tanker movements and Refinery disruptions mounted prevailing fears across. Oil pared some gains at the time of reporting while momentum demonstrating upside. Bulls fest continues unless oil flow through Strait of Hormuz resume and ease in regional tensions. Countries began cutting oil output and declared force majeure on shipments adding to fuel. On the technicals side, Nearest to expire futures contracts with longer dated contracts rising much less. Price curves shifted into severe backwardation with an abrupt shortage of crude. The governments like India and China discouraging refineries from exporting fuels. Weekly and Monthly data awaited during the week.
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