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Energy prices, notably natural gas and crude, climbed sharply, amid the threat of a full-scale invasion of Ukraine by Russia.
Price action
-
Against that backdrop, Brent oil
BRN00,
+1.89% ,
the international benchmark, was trading over 2% higher at $97.35 a barrel, after the April contract
BRNJ22,
+1.89%
finished 2% higher on Monday, marking the largest daily gain for a front-month contract since Feb. 14, according to Dow Jones Market Data. -
West Texas Intermediate crude
CL.1,
+3.48% CL00,
+3.13%
for March delivery
CLH22,
+3.48%
was trading $2.38, or 2.6%, to reach around $92.60 a barrel, following a 0.8% slide on Friday, contributing to a 2.2% weekly loss ahead of its expiration at Tuesday’s settlement. Markets in the U.S. on Monday were closed in observance Presidents Day. -
Natural gas
NG00,
+7.49%
was trading over 8% higher, up 35 cents, at $4.78 per million British thermal units.
Market drivers
Russian President Vladimir Putin, in a speech on Monday, said that he recognized the independence of pro-Moscow separatist factions in Luhansk and Donetsk, Ukraine and was ordering troops into the breakaway regions as what he referred to as peacekeepers.
