Oil Ends Volatile Year with 2nd Straight Annual Gain

Oil prices swung wildly in 2022 with Brent reaching $139.13/barrel after Russia's Ukraine invasion. Brent settled at $85.91 year-end, gaining ~10%.

Market Highlights

• Brent peak: $139.13/barrel (March 2022)
• Brent year-end: $85.91/barrel
• Annual gain: ~10%
• Asian LNG prices down 17% annually
• European gas storage at 83.2%