Oil Soars to 7-yr Highs on Ukraine Jitters, Tight Supplies

By The Al Attiyah Foundation, Qatar

Oil Soars to 7-yr Highs on Ukraine Jitters, Tight Supplies

By The Al Attiyah Foundation, Qatar

Oil prices ended 3% higher on Friday at fresh seven-year highs as escalating fears of an invasion of Ukraine by Russia added to concerns over tight global crude supplies. Brent crude futures settled $3.03, or 3.3%, higher at $94.44 a barrel, while U.S. West Texas Intermediate crude rose $3.22, or 3.6%, to $93.10 a barrel. Both benchmarks touched their highest since late 2014, surpassing the highs hit on Monday. They posted their eighth consecutive week of gains on growing concerns about global supplies as demand recovers from the coronavirus pandemic. Russia, a top energy producer, has massed enough troops near Ukraine to launch a major invasion, Washington said, as it urged all U.S. citizens to leave the country within 48 hours. Meanwhile, the International Energy Agency (IEA) raised its 2022 demand forecast, expecting global demand to expand by 3.2 million barrels per day (bpd) this year, reaching an all-time record of 100.6 million bpd. The energy watchdog's report follows the Organization of the Petroleum Exporting Countries' warning earlier last week that world oil demand might rise even more steeply this year on a strong post-pandemic economic recovery.


Benchmark Oil Price


Asian LNG Prices Stable But Could Rise on Colder Weather


Asian spot liquefied natural gas stabilized last week but is expected to rise over the coming weeks on forecasts of below-normal temperatures across much of northeast Asia. The average LNG price for March delivery into north-east Asia was $24.70 per metric million British thermal units, down $0.30, or 1.2% from the previous week. Asian buyers are expected to come back into the spot market a bit more in the coming weeks to boost inventory levels as colder-than-average weather is expected in China and in Japan. South Korean buyers have been out in the spot market tendering for extra cargoes for late February and early March, analysts said. Meanwhile, Europe has imported around 3 million tonnes in February to date as LNG from the United States and West Africa continue to flow to Europe. However, Europe is no longer showing the price premium to Asia, as it did in December which drove January’s record imports, so some flows should revert to Asia. While Europe has been increasingly reliant on LNG, there is doubt in the market that the LNG terminals could handle all the incoming flows. The regasification capacity in Western Europe was operating at 100% last month.


Benchmark Gas Prices


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IndraStra Global: Oil Soars to 7-yr Highs on Ukraine Jitters, Tight Supplies
Oil Soars to 7-yr Highs on Ukraine Jitters, Tight Supplies
By The Al Attiyah Foundation, Qatar
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