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12% of global trade blocked in Suez: oil at risk?
What happened?
The Suez canal is pretty shallow and narrow. Exactly the width of one huge ship. Currently, a container carrier is stuck in the canal transversely. Oil tankers are waiting for the situation to get resolved as the oil they're carrying needs to come to the destination. However, it was underlined that it may take days for the Suez canal to get cleared.
What was the market reaction?
Initially, the WTI oil spiked from depths around $57 above $60. However, it was quick to reverse the gain. Currently, it goes sideways at $60, although, with somewhat increased volatility. In general, it appears that the effect of the Suez canal incident on the WTI price was as minimal as short-lived. Therefore, unless the clearing of the canal takes much longer than expected, we may safely assume that no bullish sentiment is about to appear on the chart in the short-term unless fundamental indicate that.
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