For the Russia Ukraine war reason, WTI Crude was up 5.25% at $113.45 and Brent Crude was trading up 4.48% at $115.54.

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Crude Oil and Gas price analysis and market forecast, by forex forum.​

Crude Oil and Gas Market analysis


Oil prices are on track to end their wildest week ever seen, with a massive $20 a barrel trading range in the past five days, as the Russian invasion of Ukraine sparked concerns about supply amid an exodus of buyers of Russian commodities.

As of 9:56 a.m. ET on Friday, WTI Crude was up 5.25% at $113.45 and Brent Crude was trading up 4.48% at $115.54.​


Oil prices started this week in the low $100s for Brent and mid-$90s for WTI. The U.S. benchmark broke above $100 a barrel early this week and continued rallying. Early on Thursday, WTI Crude had jumped by 5.16% to $116.44, the highest level since 2011, while Brent Crude had rallied by 5.89% at $119.77, the highest since 2013. Later on Thursday, prices pared gains after rumors emerged that deal on Iran's nuclear activities could be signed within a few days.

Moreover, While there are no sanctions on exports of Russian crude or refined oil products, limited access to credit for Russian-related deals and the fear of energy sanctions being imposed have resulted in typical buyers avoiding Russian cargoes where possible, sources said.

While Russian refineries have maintained normal processing rates, concerns have been rising that they would be forced to cut runs as storages become full on declining exports.

Tuapse produces feedstock such as fuel oil, naphtha and vacuum gasoil for export, rather than finished-grade products.

They are subsequently processed further at refineries in Europe and elsewhere and, as Portuguese Galp's CEO Andy Brown said last week, if VGO supply from Russia was disrupted, "European refiners would be in "uncharted territory".

However earlier this week, Galp said it will suspend all imports of Russian oil products, in particular VGO, in response to the invasion of Ukraine.​


Even without direct sanctions on its energy industry Russia will lose around one million barrels per day (bpd) in oil exports, according to analyst Jarand Rystad, head of Rystad Energy, from the 10.5 million bpd it sold last year.

Elsewhere, A torrid week for investors ended with the Indian equity market recording its longest weekly losing streak in two years as benchmarks Nifty 50 and BSE-Sensex index closed lower for the fourth successive week.

The Nifty 50 and BSE-Sensex closed the week with a more than 2 percent decline while the Nifty Bank index fell more than 6 percent, in line with global peers.

Moreover, For the Indian economy, where economic recovery is fragile and uneven, the surge in crude oil prices is a double whammy as it will further fan inflation as well as widen current account deficit due to pricier oil imports.​


"Supply constrained oil price rises are bad for India. Indeed, the recent 25% jump in oil prices will expand the current account deficit by 75 bps and inflation by 100 bps on an annualized basis," said brokerage firm Morgan Stanley India in a note.

For getting latest world economical news and daily crude oil price forecast and updates join this forex forum.

On the other hand, European gas prices hit record highs; here's an explainer on Russia's role in global gas market.

Moreover, A jump in the price of gas amid the Ukraine conflict has added to worries that annual UK household energy bills could reach £3,000.

The cost of gas in Europe and the UK has hit record levels as fears persist that Russian supplies could be reduced.

Higher costs for aluminium and copper also means UK shoppers are likely to face further price rises, the head of the London Metal Exchange has said.

One economist warned inflation, which tracks the cost of living, may hit 10%.

Source: bbc.com/news

Wholesale markets are where UK energy suppliers buy their gas to sell on to consumers. On Friday, wholesale gas prices for delivery to UK supplier jumped to 508p per therm. If prices remain high for long periods it will push up household bills, adding to cost of living pressures.

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