Despite the uncertainty over interest rate hikes to tackle soaring inflation, worries about oil demand destruction eased this week. Oil prices are on track for a weekly gain of around 4% for Brent and 3% for WTI. Robust U.S. fuel consumption and tight supply outlook have primarily driven oil prices higher.
On the other hand, U.S. natural gas prices have jumped to levels not seen since 2008. Scorching temperatures and relatively low inventory levels primarily led to price spikes.
