US oil is higher on the back of the Zaporizhzhia nuclear power plant in Ukraine, the largest of its kind in Europe, that was set on fire early on Friday after an attack by Russian troops, the mayor of the nearby town of Energodar said.

Ukrainian government officials crossed the Twitter feeds and warned that elevated levels of radiation are being detected near the site of the plant.

There has been fierce fighting between local forces and Russian troops, Mayor of Energodar Dmytro Orlov said in an online post, adding that there had been casualties without giving details.

“As a result of continuous enemy shelling of buildings and units of the largest nuclear power plant in Europe, the Zaporizhzhia nuclear power plant is on fire,” Orlov said on his Telegram channel, citing what he called a threat to world security. 

Ukraine is Europe's second-largest nuclear power producer after France, with nuclear power meeting around 50% of the country's power requirements.

The New York Times reported ''six of Ukraine’s 15 working nuclear reactors have stopped sending power into the nation’s electrical grid — a high rate of disconnection compared with routine operations before the Russian invasion. The reduction in output might result from the war’s interference with operation of the plants, which require a wealth of industrial supplies and care. The cutbacks, Western experts say, may spiral into rolling blackouts that could further cripple the beleaguered country.''

The price of oil, naturally, rose given nuclear it is an alternative energy source. The oil market is also focused on whether the OPEC+ producers, including Saudi Arabia and Russia, would increase output from January. 

''Following Russia's invasion of Ukraine, the US was clear that it wanted the flow of oil and gas to continue unabated. However, due to a combination of financial sanctions and the increasing reluctance of companies to do business with Russia, supply is being impacted. We estimate Russia's oil supply could already be down by 1mb/d. Overall, nearly 5mb/d of Russian crude could be struggling to find a buyer," ANZ Bank said in a note.

The market, overnight, reversed course after reports began circulating that there could be a deal on returning the United States to the 2015 Iran nuclear deal and removing sanctions on its oil exports, offering the prospect of some relief for the loss of Russian supplies.

WTI US OIL

Overview
Today last price 109.08
Today Daily Change 2.34
Today Daily Change % 2.19
Today daily open 106.74
 
Trends
Daily SMA20 93.41
Daily SMA50 86.34
Daily SMA100 81.36
Daily SMA200 76.3
 
Levels
Previous Daily High 114.58
Previous Daily Low 104.83
Previous Weekly High 100
Previous Weekly Low 88.93
Previous Monthly High 100
Previous Monthly Low 85.74
Daily Fibonacci 38.2% 108.55
Daily Fibonacci 61.8% 110.85
Daily Pivot Point S1 102.86
Daily Pivot Point S2 98.97
Daily Pivot Point S3 93.11
Daily Pivot Point R1 112.6
Daily Pivot Point R2 118.46
Daily Pivot Point R3 122.35

 

 

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