Market News

Crude Oil Inches up Towards $90 Level

The benchmark Crude WTI is up 0.91% to $87.28 today at 5.17 a.m. EST. continuing its march towards $90 levels.

Occidental Petroleum (OXY) is setting up a carbon removal plant with a capacity of 500 thousand tons a year in the Permian Basin. The plant, which will be the largest in the world is expected to be operational by the end of 2024.

BP (BP) has posted a third-quarter EPS of $2.59 while also announcing a share buyback of $2.5 billion. The bottom line figure was better than estimates by $0.64. Additionally, the top line jumped 52.4% year-over-year to $55.11 billion during this period.

U.S. natural gas, in the meantime, is now down ~3.2% to $6.15. Prices continue to display strength on expected colder weather this month and robust demand for U.S. exports.

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)
  • Exxon (XOM)
  • Chevron (CVX)
  • Energy Select Sector SPDR ETF (XLE)

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