Market News

China COVID-19 Protests Take Crude Back to January Lows; EU Talks on Oil Price Cap Stall

The benchmark Crude WTI is down 2.42% to $74.44 today at 4.16 a.m. EST. Prices have now tanked nearly 15.6% over the past month and are back to lows last seen at the beginning of 2022 as protests against strict COVID-19 lockdowns in China intensify.

The country’s central bank has lowered its reserve requirement by 25 basis points while new COVID-19 cases crossed the 40,000 mark on Monday.

Further, discussions on a price cap on Russian oil in the E.U. have stalled which adds to the dose of uncertainty in the markets.

Chevron (CVX) is set to resume drilling operations in Venezuela after bagging a license from the U.S. Treasury Department to resume operations in the country. The new supply of oil though will only come after maintenance work on the machinery and the oil fields is completed.

Natural gas too is down 4.51% to $6.71 today but is still comfortably above its October lows of $5.7. The Energy Select Sector SPDR ETF (XLE) though, is still up nearly 5% over the past month.

Here are related tickers for this article:

  • United States Oil Fund LP (USO)
  • ProShares Ultra Bloomberg Crude Oil (UCO)
  • United States Natural Gas Fund LP (UNG)
  • Cheniere Energy (LNG)
  • ConocoPhillips (COP)
  • Occidental Petroleum (OXY)

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