The benchmark Crude WTI is down 0.83% to $91.84 today at 3.58 a.m. EST, taking a breather after decisively crossing the $90 mark and having put on over 10% gains in the past two weeks.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
The black gold continues to display strength after markets saw major developments in the past few weeks including a supply cut by OPEC+, a major rate hike in the U.S., and talk of a possible reopening of China from strict COVID-19 lockdowns (lifting up demand hopes).
Exxon (XOM) is anticipated to incur a loss of about $2 billion from the sale of its oil field off the California coast to Sable Offshore.
In the meantime, U.S. natural gas has mounted a strong comeback rising nearly 8.28% to $6.93 today already. Prices have gained a massive 18.8% over the past month alone.
The Energy Select Sector SPDR ETF (XLE) is now up 17.7% 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)
- Chevron (CVX)
Read full Disclosure
