SHEL - Brent oil prices below $100 geopolitical risk premium fading

Brent oil prices fell below $100/b ahead of the equity market open in the US Tuesday. European natural gas is down ~50% from week-ago levels, and seaborne thermal coal is down ~30% from recent highs. As prospects for a diplomatic solution in Ukraine rise, and energy commodities continue to flow from Russia, the geopolitical risk premium on commodity prices has fallen quickly.  Oil (NYSEARCA:USO) is now up ~5% from pre-invasion levels. Though European gas prices and thermal coal prices are still ~40% and ~80% above February 22nd levels.  On the equity side, oil stocks (NYSEARCA:XLE) in pre-market trading Tuesday are ~6% above month-ago levels. Several large-cap oil stocks are down over the past month, including Shell (NYSE:SHEL), Petrobras (NYSE:PBR), Devon (NYSE:DVN) and Marathon (NYSE:MRO). While European natural gas producers like Equinor (NYSE:EQNR) and Vermillion (NYSE:VRT) are up ~10% in the past month. Thermal coal names Peabody (NYSE:BTU) and CONSOL (NYSE:CEIX) remain

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Brent oil prices below $100, geopolitical risk premium fading