While green energy initiatives slowly move parts of the world away from fossil fuel production and consumption, crude oil remains the energy commodity dominating power production.
Crude oil is a highly volatile energy commodity. In 2020, the price of nearby NYMEX WTI crude oil futures fell below zero as there was nowhere to store the petroleum as the pandemic gripped markets. In 2022, Russia’s invasion of Ukraine caused the price to rally over the $130 per barrel level, the highest price since the 2008 record peak.
