WTI crude oil closed 3.03% higher to $75.39 per barrel after a softer-than-expected CPI print for November. Prices could remain volatile as the U.S. Fed meeting tomorrow could potentially set the tone for the markets for next year.
Markets are already factoring in a 0.50% rate hike tomorrow, and comments by Fed Chair Jerome Powell will be keenly watched.
Further, today, OPEC has reiterated its expectations for 2022 as well as 2023 and sees easing COVID-19 restrictions in China as a potential upside. The organization’s output in November dropped by 744,000 barrels per day.
Natural gas, meanwhile, closed 5.3% higher to $6.935 today. Prices have now soared over 14% over the past five sessions alone.
The Energy Select Sector SPDR ETF (XLE) has now put on over 42% gains so far this year.
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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