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• Oil Jumps, Stock Futures Rise After Dow Enters Correction
  Stock futures crept higher this morning, while bond yields and oil prices rose, a day...
  Stock futures crept higher this morning, while bond yields and oil prices rose, a day after fears of a recession pushed the Dow Jones Industrial Average into a correction.
  
  Futures tied to the S&P 500 edged up 0.5% Tuesday, while blue-chip Dow Jones Industrial Average futures rose 0.4%. Futures linked to the technology-heavy Nasdaq-100 were flat. Overseas, the Stoxx Europe 600 rose 0.8% led by its financial and utility sectors.
  
  Brent crude, the international oil benchmark, continued to climb on fears of a U.S. ban on Russian imports, rising almost 3% to $126.77 a barrel. 
  
  
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• Gas prices are now the most expensive in US history, breaking record from 2008
  After days of dramatically rising gas prices in wake of Russia's invasion of Ukraine, ...
  After days of dramatically rising gas prices in wake of Russia's invasion of Ukraine, the national average for a gallon of gas is now the highest in United States history, breaking the record that stood for nearly 14 years.
  
  As of Tuesday morning, the cost of regular gas in the U.S. is $4.17, according to AAA, up from $4.06 on Monday. Last week, the average cost was $3.60.  The previous national average high was $4.11, set on July 17, 2008.
  
  The cost for diesel is also nearing the record of $4.84, which was also set in July 2008. The current price for a gallon of diesel is $4.75, over double what it was in October 2020.
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• From Twitter: The Fourth Oil Shock
  We are now experiencing the fourth oil...

  
  

  We are now experiencing the fourth oil shock. The removal of 5 mmb/d of Russian crude & condensate exports is the biggest structural change to the oil market since the Iran-Iraq war in 1980. https://t.co/QvHH8S4GlR#OOTT #oilandgas #WTI #CrudeOil #fintwit #OPEC #Commodities

  
  — Art Berman (@aeberman12) March 7, 2022

  
  
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• U.S. natural gas closes lower after European gas skyrockets
  U.S. natural gas prices (...
  U.S. natural gas prices (NG1:COM) settled -3.6% at $4.833/MMBtu, reversing sharp overnight gains and pulling back from Friday's $5.016 closing price that was the highest in more than a month, as uncertainty over Russia's war with Ukraine gave way to forecasts for warmer weather in the U.S.
  

  European energy prices had skyrocketed earlier, as futures for natural gas on the Dutch TTF reached as high as $115/MMBtu before puling back to ~$93.

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• US OKs 2.7 Million-barrel Release from Strategic Oil Reserves to Exxon Mobil
  The U.S. Department of Energy has approved the 12th exchange of 2.7 million barrels of crude...
  The U.S. Department of Energy has approved the 12th exchange of 2.7 million barrels of crude oil for release to Exxon Mobil Corp. from the nation’s Strategic Petroleum Reserve (SPR), the department said in a statement on March 7.
  
  The move was part of the Biden administration’s approval for such releases authorized in November 2021 as part of a larger effort to boost the U.S. fuel supply, it added.
  
  On March 1, The U.S. vowed to release another 30 million barrels of oil as part of a global 60 million barrel pledge in an effort to shore up energy markets amid the ongoing Russian invasion of Ukraine and said it could take further steps as needed.
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