Global oil markets are reeling from war in Eastern Europe:
WTI surged over 8% Tuesday to settle at $103.41/bbl, while Brent rose 7% before closing at $104.97/bbl, the biggest one-day gains in almost two years. Futures continued climbing in early morning trading today, with WTI up 5.6% at $109.00/bbl, Brent up 5.8% at $111.00/bbl and U.S. natural gas 3.6% higher at $4.73/MMBtu.
Russia’s Urals crude traded at a steep $18/bbl discount to Brent yesterday, and even then could not find buyers, suggesting refiners in Japan, South Korea and China have joined Europe and the U.S. in slowing purchases.
Cargo flights along major trade routes through the region have slowed, according to an analysis by logistics firm Flexport. Flights between New Delhi and London, for example, were about 8% longer on average between Wednesday and Sunday, according to data from Flightradar24.
The average 30-year fixed mortgage rate is down to 3.9% from 4.18% last Friday, the largest two-day drop since the start of the pandemic. For-sale home inventory remains at the lowest in a generation, while home prices are at record highs, up nearly 20% from the same time last year.
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