Supply concerns and Libyan production disruptions boost crude oil collectively closed higher and New Zealand oil hit a three-week high

News on April 19, energy prices were supported by concerns caused by continued tight supply, the long-delayed Russian-Ukrainian war and the production disruption of Libya's largest oil field, and crude oil futures closed higher, New York crude oil hit a three-week high, and Brent crude oil reached a new high
this month.

West Texas Intermediate (WTI) crude for May delivery rose $1.
26, or 1.
2 percent, to settle at $108.
21 a barrel, the highest close since March 25
.
Global benchmark Brent crude rose $1.
46, or 1.
3 percent, to $113.
16 a barrel in June, reaching its highest settlement price
this month.

Natural gas rose 7.
1 percent to $7.
82 per million British thermal in May, the highest level
since September 23, 2008.
The contract was up 16 percent
last week.
May gasoline fell 0.
1 percent to $3.
378 a gallon, and May heating oil rose 0.
9 percent to $
3.
89 a gallon.

Part of the reason for the recent surge in natural gas prices is thought to be the lack
of cold air and natural gas reserves in the late summer in the United States.

Tyler Richey, co-editor of Sevens Report Research, said, "With weak inventory levels and bullish fundamentals showing no real production increases in the near to medium term, unusually low temperatures are pushing up U.
S.
spring heating demand
.
" "As a result of the war between Russia and Ukraine, gas prices in Europe have reached record highs, which have also increased global demand for EU LNG liquefied natural gas, including an increase in US gas exports, which has further supported our domestic prices
," he said.
On the chart, natural gas has become very overbought on the daily timeframe, suggesting a growing likelihood of a near-term correction
.
However, there are no signs of cracks in the rally at the moment, so the path of least resistance is still on the upside
.
”

Meanwhile, oil prices have climbed to their highest levels
since the month due to concerns about tight supply.

Robbie, Global Research and Analysis Manager at Schneider Electric? "The impact of a prolonged supply shortfall continues to provide fundamental support
to the market," Fraser said in a daily report.
The longer this continues, the more it will force storage levels down, raising the floor of
recent price trades.
”

"These conditions have been further reinforced by recent challenges, with the disruption of Libya's largest oil field being a recent example
," he said.
Amid mass protests, the Sharara field has been shut down at least temporarily, and government officials have warned that all Libyan exports are now under threat
.
However, Libya has a long history of severe shutdowns, and in most cases production
has been able to recover relatively quickly as the unrest eases.
”

Last week, oil prices rose
after The New York Times reported that EU officials were drafting a ban on oil imports from Russia.
The EU has been reluctant to do so
because of its dependence on imported oil from countries such as Germany and Austria.

"Right now, the only real bearish catalyst that could push oil prices back into the $80-90 range is a ceasefire
between Russia and Ukraine," Sevens Report's Ritchie said.