Investors, traders, and politicians alike are scrambling. Market panic is here, according to Rystad Energy’s senior oil market analyst Louise Dickson, who made the comment in a statement sent to Rigzone on Wednesday. In the statement, Dickson noted that Wednesday’s market situation was extreme “by any measure in historical oil pricing terms”, highlighting that it exhibited the largest ever prompt price premium. “Investors, traders, and politicians alike are scrambling to address the worsening Russia-Ukraine standoff,” Dickson said in the statement. “The initial upward price reaction after the conflict in Ukraine started six days ago is only intensifying. The current realistic scenario is that a large portion of Russian crude oil, as well as refined oil products, will no longer be palpable to the market and create a supply deficit for the duration of the armed conflict,” Dickson added. “The market’s ability to access crude from the region because of […]