WTI crude oil hits $107 as the EU set to propose Russian oil ban in six months

Reuters sources on the latest on oil sanctions:

• EU proposes ban in one month's time of shipping, financing and insurance services for the transport of Russian oil worldwide
• A ban on Russian oil would be effective in six months, with no gradual phase-out, both for the spot market and existing contracts

Bulgaria will seek an exemption if the EU agrees, according to Deputy PM Vassilev. Bulgaria gets 100% of its oil from Russia.

A separate report citing a source said there was no immediate deal today but EU envoys will meet again on Thursday.

This is more-aggressive than had been assumed, especially after reports yesterday said there was discord. I still wonder if this falls apart due to Hungary or someone else blocking it.

Meanwhile, the API data yesterday showed a mammoth draw in oil + products:

• Crude -3479k
• Gasoline -4500K
• Distillates -4457K

Add in the SPR drawdown Drawdown In financial trading, the drawdown represents the amount of money a trader can lose or has lost, following a series of losing trades. This is measured from the high of the trader’s capital to its low, over a given period of time. This is usually expressed as a percentage of a trader’s account. The current drawdown is simply the amount of money a trader’s balance has been reduced by in a given time, without necessarily closing out at that point.For example, if a trader placed an initial deposit o In financial trading, the drawdown represents the amount of money a trader can lose or has lost, following a series of losing trades. This is measured from the high of the trader’s capital to its low, over a given period of time. This is usually expressed as a percentage of a trader’s account. The current drawdown is simply the amount of money a trader’s balance has been reduced by in a given time, without necessarily closing out at that point.For example, if a trader placed an initial deposit o Read this Term and it's close to 15 million barrels.