Oil Dives As Storage Disappears, Russia Switches Gas Back On

Any remaining unfortunate long-holders are once again taking a pasting on crude oil with the February NYMEX contract set to expire later today.

Storage at Cushing, Oklahoma - the delivery point for crude futures - is said to be full to overflowing, making taking delivery of purchases very difficult and expensive.

The Feb contracts last official settlement was $36.51 on Friday, it currently stands at $33.94, more than $6/barrel lower than March.

The entire sector is under pressure after the ongoing dispute between Russia and Ukraine over gas supplies appears to have been resolved. At least for now.

The ceasefire in Gaza has also removed a factor that had been supportive for crude. At least for now!