Crude oil surges to 14-year high, energy stocks mixed
Yahoo Finance's Jared Blikre gives an update on the oil market.
Video Transcript
ALEXIS CHRISTOFOROUS: Welcome back. More eye popping action in the commodities market today. Oil prices have stabilized after rallying to a 14-year high. Jared Blikre is here now with a closer look. And Jared, it's not just oil, wheat having quite the week.
JARED BLIKRE: Yeah, I tell you what, let's just start with wheat because that is our number one gaining ticker here on the commodities heat map. And guess what? This is what happens when a futures contract goes limit up. There are daily limits on price movement that are enforced by the CFTC and the NFA. And we have reached that limit once again. I just want to show what's happened over the last 14 days here. That's when these headlines started coming out of Russia.
And that's when we really started this-- the beginning of this dramatic rise in price. Wheat is the greatest performing commodity asset in that asset class that we've seen over this time period. You can see it's up 45%, just an incredible run here. And this was all taking place while we have crude oil hitting the highest since 2008. And that, by the way, is when we had the record high in wheat as well. So crude oil futures, they touched 116 and change. And now they have come back down on some headlines out of the possibility that Iran will be eventually releasing some supply into the system.
We'll have to see what comes to that. But crude oil on quite the tear here. And by the way, just want to say that Citigroup-- we're getting back to wheat here for just one second-- Citigroup sees 14 to 1,450 per bushel. And you can see that price. Well, let's get a max chart here because that would be above this marker right in here on an intraday basis. And we can see that if we put these candlesticks right there.
So let's get to some stocks, and that will be our energy stocks. And we can see what they're doing for the day. And guess what? We got a mixed board here. It looks like some of the foreign majors, the foreign integrated like Shell Total, BP, those are all 5%, 3%, 4%. But in the US, we're seeing a little bit more green here. We got ExxonMobil up 2/3 of a percent. Chevron up 1%. And by the way, Chevron hitting a record high today. Excuse me. You can see this is a max chart going back to the 1980s. And what liftoff we have right here, basically going sideways for well over a decade, almost 15 years, and then finally, the breakout. So more bullish action in the energy sector. Guys.
ALEXIS CHRISTOFOROUS: All right, thanks a lot for that round-up, Jared.
