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%