# Market Talk | Volatility Returns: Fuel Prices Climb As Natural Gas Retreats And Global Tensions Rise

> Energy prices rebounded on February 3 after a sell-off, with ULSD up about 3.5 cents, RBOB up about 2 cents and crude up about 40 cents per barrel. The U.S. said it would cut tariffs on Indian goods in exchange for a pledge from Indian refiners to stop buying Russian oil, and China announced plans to reopen a shuttered refinery to run on Russian crude.

- Date: 2026-02-03 · published 2026-02-03T12:00:00.000Z
- Category: trade · region Global · magnitude medium
- Page: https://feedsoft.ai/events/5926-market-talk-volatility-returns-fuel-prices-climb-as-natural-gas-retreats-and
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md), [Indian Rupee (INR per USD)](https://feedsoft.ai/c/USDINR.md)

## Why it matters

Tariff relief tied to India's halting of Russian crude purchases shifts global crude flows and could tighten supply for some buyers, while China's refinery restart adds Russian crude demand. Diesel stays tight with utilities restocking, supporting fuel costs.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: bullish ▲
- USDINR: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2025-05-09 | [Week in Review: Fuel Prices Climb on Trade Talks and US Supply Strains - Mansfield Energy](https://feedsoft.ai/events/12548-week-in-review-fuel-prices-climb-on-trade-talks-and-us-supply-strains-mansfield.md) | +2.9% | +7.0% |
| WTI | 2019-01-04 | [Oil prices rise on US-China trade talks and OPEC cuts](https://feedsoft.ai/events/10834-oil-prices-rise-on-us-china-trade-talks-and-opec-cuts.md) | +11.7% | +14.6% |
| WTI | 2026-09-12 | [Argentina soybean sales speed up as prices rise on China demand, US crop concerns - Markets - Business Recorder](https://feedsoft.ai/events/13779-argentina-soybean-sales-speed-up-as-prices-rise-on-china-demand-us-crop.md) | +0.2% | -4.4% |
| WTI | 2025-05-09 | [Market Talk \| Trade Optimism While Energy Prices Continue To Rally](https://feedsoft.ai/events/12546-market-talk-trade-optimism-while-energy-prices-continue-to-rally.md) | +2.9% | +7.0% |
| WTI | 2024-03-31 | [Latest Oil Prices, Market News and Analysis for April 1 - Bloomberg](https://feedsoft.ai/events/31367-latest-oil-prices-market-news-and-analysis-for-april-1-bloomberg.md) | +4.5% | +1.4% |
| BRENT | 2025-05-09 | [Week in Review: Fuel Prices Climb on Trade Talks and US Supply Strains - Mansfield Energy](https://feedsoft.ai/events/12548-week-in-review-fuel-prices-climb-on-trade-talks-and-us-supply-strains-mansfield.md) | +3.1% | +7.5% |
| BRENT | 2019-01-04 | [Oil prices rise on US-China trade talks and OPEC cuts](https://feedsoft.ai/events/10834-oil-prices-rise-on-us-china-trade-talks-and-opec-cuts.md) | +11.9% | +13.9% |
| BRENT | 2018-06-28 | [Oilseed rape prices rise on nervous market - Farmers Weekly](https://feedsoft.ai/events/11643-oilseed-rape-prices-rise-on-nervous-market-farmers-weekly.md) | +0.7% | -4.0% |

## Sources

- tacenergy.com: https://www.tacenergy.com/news-and-views/market-talk/volatility-returns-fuel-prices-climb-as-natural-gas-retreats-and-global-tensions-rise

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.