Yahoo Finance Live's Jared Blikre breaks down the energy sector's strong start to 2022.
KARINA MITCHELL: Welcome back to Yahoo Finance. We want to get you a check of the energy sector. US natural gas for February delivery jumps as much as 72%. That as Chevron hits a record high ahead of earnings, and Brent cracked $90 a barrel before a slight retreat. Here with more on all of that and how crude settled, the one and only Jared Blikre.
JARED BLIKRE: Well, with an intro like that, I'd hate to disappoint. Crude oil for March futures, WTI talking here, just settled at $86.61 per barrel. Still trading in the electronic market, not even off 1%. And we can see the strength in oil just by charting the price. Not today, but let's take a year to date view. As we've been tracking, energy is by far the year's outperformer. And you can see that continuing here in the futures.
Also want to get a quick check of Brent. As you said, Karina, it did top $90 per barrel yesterday, falling a little bit today. But nevertheless, we've seen some real strength in these energy markets recently. Also want to check out what's going on in our energy heat map and specifically with Chevron because earlier today, Chevron hit a record intraday high. It also hit one yesterday, but this would be the first record close in four years. You'd have to go back to 2014 to see this level. You can see it's basically done nothing for about 10 years until finally breaking out.
Now what happens for them now? Excuse me. It's usually, you get a breakout, a pause, a consolidation, and then a move in the continuing direction. If we were to fall back below here and sell off, probably going to test some lower levels there, but hard to imagine what would precipitate that, with crude oil at seven-year-highs. Guys.
KARINA MITCHELL: OK, Jared Blikre, thank you so much for that. And fuel costs are one of the major challenges that airlines are facing.