The benchmark Crude WTI is up 0.11% to $71.54 today at 4.01 a.m. EST. The black gold has now dropped nearly 19.2% over the past month and continues to make new lows for 2022.
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Prices continue to remain volatile amid global geopolitical shifts, a $60 per barrel cap on Russian oil from the European Union, and even as China steps out of the shadows of COVID-19.
Further, a leak at the Keystone pipeline adds another dose of volatility to prices. A strong set of numbers in the U.S. economy and an aggressive U.S. Federal Reserve continue to weigh on market sentiments.
Natural gas, meanwhile, is down by 0.58% to $5.93 today. Numbers from the Energy Information Administration indicate U.S. natural gas stockpiles decreased by 21 BCF. The figure came in much lower than the earlier draw of 81 BCF.
The Energy Select Sector SPDR ETF (XLE) is now down 8% 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)
- Chevron (CVX)
- Occidental Petroleum (OXY)
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