WTI crude oil fell 3.72% to close at $77.94 per barrel, as the proposed price cap on Russian oil might be $65-$70 per barrel. This would be higher than the current market price of Russian oil.
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The latest numbers from the American Petroleum Institute indicate oil stockpiles dropped by 4.8 million barrels in the U.S. during the week ended November 18. Data from the U.S. Energy Information Administration remain a key event to keep an eye on today.
The European Union is looking to mitigate any impact from tight energy supplies as winter sets in and has proposed a cap at €275 per megawatt hour on gas prices.
The proposed cap is well above the current gas prices and still has to be approved by national governments. With the threat of Russia limiting gas supplies remaining in the air, the possibility of volatility in prices remains.
Meanwhile, natural gas continues to gather strength as it rallied 7.8% to close at $7.308, its highest level in the past three weeks.
The Energy Select Sector SPDR ETF (XLE) is now up 1.98% over the past five days.
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)
- Chevron (CVX)
- ConocoPhillips (COP)
- Occidental Petroleum (OXY)
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