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, +2.22%, the international benchmark, was trading over 2% higher at $ 97.42 a barrel, after the April contract BRNJ22, +2.22% 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, +3.95% CL00, +3.58% for March delivery CLH22, +3.95% 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, +3.72% 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.