Market Updates

Oil Up

 

Oil was up on Monday morning in Asia, hitting a more-than-seven-year high over concerns that Russia could invade Ukraine. An invasion could trigger U.S. and European sanctions, disrupting Russian exports in a market that is already tight. Brent oil futures rose 1.22% to $95.59 by 3:57 AM GMT, after earlier hitting $96.16, the highest since October 2014, as per Yahoo Finance. WTI futures jumped 1.42% to $94.42, remaining near a session-high of $94.94, the highest since September 2014. The U.S. warned on Sunday that Russia could invade Ukraine at any time and could create a surprise pretext for an attack, comments that have rattled global financial markets.

 

Gold Up

Gold was up on Monday morning in Asia, after hitting a near-three-month high during the previous session. Concerns about a potential Russian invasion of Ukraine continue, which kept investors’ risk appetite down. According to Yahoo Finance, Gold futures gained 0.63% to $1,853.65 by 4:31 AM GMT, with the yellow metal hitting its highest level since Nov. 19 at $1,865.15 during the previous session. This was also the biggest daily gain since mid-October 2021. U.S. concerns that a Russian invasion of Ukraine could be imminent sent Asia Pacific shares on a mostly downward trend and oil to seven-year peaks. The news also gave bonds a boost, while belting the euro.

 

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Silver up

Silver prices bounced from session lows and traded in a tight weekly range. The 10-year yield eased slightly after rallying sharply on Thursday, following the higher inflation levels seen in 40-years. The Federal Reserve's push to address the growing inflation threat remains the most significant factor driving gold and silver prices through 2022.

 

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Natural Gas Price Rise

Natural gas prices edged higher, edging back to trend line resistance which was former support. Prices did not get a boost from the news that Russia was likely to invade Ukraine. The White House told Americans in Russia to leave the country within the next 24-48 hours. The weather is expected to be warmer than normal throughout most of the United States for the next 2-weeks. Rig counts for natural gas installations grew more than expected but were dwarfed by the large increase in oil rigs.

 

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