Energy commodity prices in 2022 showed effects of Russia’s full-scale invasion of Ukraine

After increasing 68% from January through June, the energy component of the S&P Goldman Sachs Commodity Index (GSCI) ended the year 10% higher than the first trading day of 2022. Global events—notably Russia’s full-scale invasion of Ukraine, which has been ongoing since last February—have contributed to greater volatility in the energy sub-index and higher prices for some energy commodities at the end of 2022.