Crude prices crossed $80 this week, hitting levels last seen in mid-October when prices hit seven-year highs. Meanwhile, natural gas has been on a weather-related rollercoaster ride.
Boosted by signs that the market is tightening as demand resists the impact of the omicron variant, West Texas Intermediate on the New York Mercantile Exchange rose $1.70 or 2.1% on Friday to close at 83 $.82 a barrel. For the week, WTI gained 6.2%, the fourth consecutive weekly gain. Prices rose on three of five trading days, including a $2.99 jump on Tuesday that sent prices back above $80. The list price ended the week at $80.30, according to Plains All American.