Oil rises and natural gas surges 6% as Russia orders troops to Ukraine

Oil rises and natural gas surges 6% as Russia orders troops to Ukraine

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,
    +2.08%
    ,
    the international benchmark, was trading over 2% higher at $97.42 a barrel, after the April contract
    BRNJ22,
    +2.08%

    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,
    +3.66%

    CL00,
    +3.41%

    for March delivery
    CLH22,
    +3.66%

     was trading up $3.33, or 3.6%, to reach around $94.40 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,
    +6.59%

    was trading over 6% higher, up 30 cents, at $4.72 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.

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