It was more of the same to start the new week as the Energies sector exploded higher, reaching price levels not seen since 2022.
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Meanwhile, US stock index futures continued to come under pressure after the Indexes tumbled last week on the growing fear of inflation.
Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis. The rest of the commodities complex was mostly higher, except for Metals, where key markets are taking a short-term breather.
Energies: It was about this time of year four years ago. While traveling around the US Midwest and Plains, particularly across what are known as Red States, when stopping for gas it was common to see stickers of a smiling then-US President Joe Biden pointing up, usually to higher gas prices at the pump with a statement balloon reading, “I did that”. This was in reference to the spike in Energies pries as a result of Russia’s illegal invasion of Ukraine, with President Biden leading the western world in sanctioning Vlad the Invader. In early March 2022 the spot-month WTI crude oil contract spiked to $130.50 before later establishing a secondary peak near $124 in mid-June, then heading lower. Early in Sunday’s overnight session, March 8, 2026, the spot-month WTI contract (CLJ26) hit a high near $119.50. Meanwhile, spot distillates (diesel fuel, jet fuel, etc.) (HOJ26) is showing an overnight peak above $4.47 with RBOB gasoline (RBJ26) up at $3.22, both levels not seen in those same four years. Will we see stickers popping up at gas pumps of the current US president after he started a “war” in Iran this month? I would be shocked if we did.
