ENSV - Crude oil pops 9% this week sparked by potential EU ban on Russian oil

U.S. crude oil prices closed the holiday shortened trading week nearly 9% higher, after a buying frenzy ensued on Thursday in reaction to unconfirmed reports that the European Union was drafting a measure to ban Russian oil imports. WTI crude for May delivery (CL1:COM) closed +2.6% to settle at a two-week high $106.95/bbl, while June Brent crude (CO1:COM) ended +2.7% to $111.70/bbl, capping respective weekly gains of 8.8% and 8.7%. U.S. natural gas (NG1:COM) settled +4.3% at $7.30/MMBtu on Thursday, capping a 16% surge for the week, the highest for a front-month contract since October 2008. "Growing pressure on buyers of Russian oil to cut off funding for Putin's war machine is giving the market underlying support," said Phil Flynn, analyst at The Price Futures Group, according to MarketWatch, adding that the war in Ukraine "looks like it will increase the risks of major oil product shortages, despite Biden's premature

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Crude oil pops 9% this week, sparked by potential EU ban on Russian oil