First published: 8 a.m. EST
WTI crude oil closed down 2.1% to $79.52, breaking below the $80 mark.
While the chart setup suggests oil could be in for a further slide, the OPEC+ meet next week remains a key event to watch. Moreover, Russia’s recent referendums in Ukraine could potentially escalate the conflict adding to global jitters.
U.S. natural gas also fell 0.7% to $6.827 today, and a break towards lower levels could be in the offing as indicated by the chart.
EIA natural gas numbers of +103bcf yesterday indicated higher storage build-up than expectations.
Here are some stocks that could be affected by this news:
- Energy Select Sector SPDR Fund (XLE)
- United States Oil Fund LP (USO)
- ProShares Ultra Bloomberg Crude Oil (UCO)
- Exxon Mobil (XOM)
- Chevron (CVX)
- Occidental Petroleum (OXY)
- United States Natural Gas Fund LP (UNG)
- Cheniere Energy (LNG)
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