Russia

A fire has broken out on a Russian oil tanker in the Caspian Sea. The Russian Emergency Ministry is preparing an amphibious firefighting aircraft to extinguish the fire as the ship drifts in Turkmenistan’s territorial waters. Russia Today reports: A source told RIA Novosti that the ignition source is believed to be on the deck of the vessel. The Palflot-2 vessel in distress is currently drifting in Turkmenistan’s territorial waters some 800 kilometers from Russia’s nearest port, Astrakhan.

Amid surging supply of crude and the world's biggest traffic jam of tankers, we suspect more images like the following will be seen going forward. A Russian tanker has caught fire in the Caspian Sea near the territorial waters of Turkmenistan, leaving one dead.

The Palflot-2 vessel in distress is currently drifting in Turkmenistan’s territorial waters some 800 kilometers from Russia’s nearest port, Astrakhan.

Putin has announced that Russia is gearing up to take “all necessary (military) measures” to counter NATO aggression, and will not hesitate to use military force against incidents of “intimidation” such as the US naval destroyer that recently sailed close to the Russian border. Russia’s NATO Ambassador Alexander Grushko warned participants at a meeting of the military alliance, “This is about attempts to exercise military pressure on Russia. We will take all necessary measures, precautions, to compensate for these attempts to use military force“.

Despite a denial by the Russians, and now an outright statement that Russia "doubts any freeze deal is possible in the foreseeable future," crude prices are surging as momo algos jump on every headline!

• RUSSIA DOUBTS ANY FREEZE DEAL IN FORSEEABLE FUTURE: NOVAK
•  RUSSIA IS SAFE EVEN IF PRICES GO DOWN AGAIN: ENERGY MINISTER
•  AFTER DOHA POSSIBILITY OF OIL FREEZE IS 'RELATIVELY LOW': NOVAK

As The FT reports,

This is just becoming a farce now... Having soared above yesterday's highs on the Iraqi' deputy oil minister's comments on renewed production freeze meetings, Russia has poured cold water all over it... RUSSIA SAYS NO AGREEMENT ON OIL MEETING IN MAY IN RUSSIA

But no reaction in crude...

Or stocks...

Just as we tweeted seconds before...