Brent breaks out as Gas prices surge

Since December 30 natural gas prices have spiked significantly higher, rising by around 30% at one stage ahead of the New Year. The reason for that is all about the contract to supply Russian gas through Ukraine not being renewed and that has sent shockwaves across the Natural Gas markets. In turn this has elevated oil prices, for reasons which should be obvious. That said, Gas prices have fallen back so far today, but the inference of that news has yet to send oil prices lower. We are now trading the March Brent crude contract on the platform and since the last update here on Brent, the March price has risen and lifted above $75 per barrel earlier today. Brent for March delivery settled $0.65 higher on New Years eve, at $74.64. The high seen earlier today was set at $75.22. The low seen so far has been set at $74.72. Since earlier this week, that rise has snapped a series of lower highs and now the breakout could have further to run. Brent for March delivery is currently trading at $74.92