Reuters Morning Bid Eye of the storm?
Mar 20, 2026
Market response to coordinated moves to boost energy supply and protect shipping. Tight physical oil and fuel prices contrast with softer futures. Fears that regional strikes and damage to export hubs could push Brent toward $150. Qatar warns a sizable portion of gas output may remain offline for years. Rapid repricing of rate expectations sparks a sharp selloff in European sovereign debt.
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Energy Shock Moves From Shipping To Production
- Energy supply stress is shifting from transit risk to production loss as Middle East strikes hit facilities and ports.
- Elena Kassas notes Qatar lost 17% of gas output and Saudi's Yambu port was struck, risking months or years of lost capacity.
Watch Physical Prices Not Just Futures
- Monitor physical market indicators, not just futures, to gauge real supply stress and price pressure.
- Elena Kassas points to Dubai crude and regional jet fuel spot prices as clearer signals of scarcity.
Physical Fuel Prices Far Above Futures
- Physical fuel prices are far higher than futures, signalling acute scarcity that could push benchmark crude much higher.
- Elena Kassas gives examples: Dubai crude over $166 and Northern Europe jet fuel above $220 per barrel equivalent.