Crude oil futures rose on Friday to hit another seven-year high following the White House warned Russia might invade Ukraine.
energy commodity prices
- WTI crude oil futures for March delivery surged 3.22 Dollaror 3.6%, to close at 93.10 per barrel Dollarwhich ended the week up 0.9 percent and was the highest closing price for the most recent month WTI since September 2014.
- Brent crude oil futures for April delivery rose 3.03 Dollaror nearly 3.3 percent, to close at 94.44 per barrel Dollarwhich ended the week up 1.3 percent and was the highest closing price for Brent in the most recent month since September 2014.
- Natural gas futures for March delivery fell 0.5% to settle at 3.9410 per million Btu Dollarfell 13.8% this week.
- Gasoline futures for March delivery rose 2.8% to settle near 2.7386 a gallon Dollarwhich ended the week up 2.2%.
- Thermal fuel oil futures for March delivery rose 3% to settle at 2.9109 a gallon Dollarwhich ended the week up 1.3%.
market driving force
White House national security adviser Jake Sullivan said Russia might now invade Ukraine at any time, including during the Beijing Winter Olympics. Crude oil extended strong gains following the comment, turning the week to a higher close.
Crude oil has been boosted higher in early trade following the International Energy Agency (IEA) warned in its monthly report that signs of a worsening OPEC+ output shortage.
Warren Patterson, head of commodity strategy at ING, pointed out in a report that Thursday’s U.S. inflation data showed that consumer prices rose at an annual rate of 7.5% in January, still close to a 40-year high, and pressure on the Fed to tighten monetary policy more aggressively may increase. Limit the rise in crude oil.
Before the White House issued a warning regarding the state of the Ukraine-Russia standoff, analysts said fears that the easing of the geopolitical standoff may not be sustainable.
“We remain optimistic and might see crude rise to 100 in the near term,” said Peter Cardillo, chief market economist at Spartan Capital Securities in a report. DollarBuy on dips during the period. “
The number of oil rigs in the U.S. rose by 19 this week to 516, while oil rigs rose by two to 118, oilfield services firm Baker Hughes reported on Friday. The number of oil rigs rose by 210 from a year earlier, while gas rigs rose by 28.
