CEIX - Energy prices fall back to earth as Russian sanctions make room for exports

It's been a volatile day in energy markets, as oil futures traded up ~9% before falling almost 7% into the close. Despite rumors in Europe, formally announced sanctions from the West largely avoided any impediments to Russian energy exports. Expulsion from the SWIFT payments system was also avoided, though Biden left the door open for further sanctions down the line.  SWIFT is a Belgian financial messaging system that links more than 11,000 financial institutions. Though several banks were sanctioned by the US, UK, Canada and others, the ability for Russian commodity producers to access the system helps ensure a smooth flow of exports out of Russia.  Germany and Italy have been very vocal about not creating any impediment to Russian gas and oil flows, with German Chancellor Olaf Scholz warning Boris Johnson that Germany would not support kicking Russia out of the SWIFT system. Germany in particular has accelerated its

For further details see:

Energy prices fall back to earth as Russian sanctions make room for exports