Market News

Oil Continues Weak Momentum

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)

Read full Disclosure

Tired of arriving late to the Big Returns Party?​
Most investors don’t have major gainers like TSLA or NVDA on their radar from the start.
The profusion of opinions on social media and financial blogs makes it impossible to distinguish between real growth potential and pure hype.
​​For the past decade, we have developed and perfected technology designed to help private investors, just like you, find the best opportunities, with the greatest upside potential, in any financial climate.​
Learn More
Videos