Brent crude prices were trading around $110-111 per barrel on Friday while natural gas prices also surged to a 14-year high. US gas prices, meanwhile, were again trading at a record highs.
The markets still are reacting to the European Union (EU) proposing a ban on Russian oil and phasing it out in six months. Also, the Organization of the Petroleum Exporting Countries (OPEC) and allies met on Thursday and is sticking to a 432,000 barrel per day increase for the month of June, implying no movement or change in OPEC stance.
Meanwhile, US is looking to buy 60 million barrels to replenish its Strategic Petroleum Reserve. Until now, it has been releasing but if it also buys from the open market, it will be yet another supportive factor for the crude oil prices.
As far as energy goes, there is no letting down there. There is profit taking in other commodities, precious metals and base metals prices are under pressure again but not energy.
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