• Following reports that Russian forces further invaded Ukraine, Intermediate (WTI) crude oil have increased to more than $100 per barrel (b). The front-month Brent contract price closed just below $115/b at press time. The Brent crude oil price last rose above $100/b in late 2014. The front-month WTI contract price closed above $110/b at press time, after previously settling above $100/b.
• The U.S. and other major oil-consuming nations said they would release 60 million barrels of oil from their emergency stockpiles, sending a jolt of new crude supplies into the market amid a price surge caused by the Ukraine crisis.
• Liberty Oilfield Services, in its latest report, said that within the frac market, two years of supply attrition and cannibalization plus constraints from labor shortages, and a secular shift toward next generation frac fleet technologies has led to tightness in the supply of fleets. Liberty has focused on finding the right long-term customer partnerships for the future and has been very disciplined in holding its active frac fleet count steady until financial returns justify significant additional fleet deployments.