The benchmark crude WTI finished 3.05% higher to settle at $77.41. After U.S. Fed Chair Jerome Powell’s remarks yesterday, markets are now bracing for the crucial December inflation print tomorrow.
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Latest numbers from the American Petroleum Institute indicate oil stockpiles in the U.S. rose by 14.9 million barrels in the week ended January 6. Today, numbers from the U.S. Energy Information Administration also remain a key figure to keep an eye on.
Oil markets are set for an interesting ride in 2023 with production increasing in the U.S., OPEC sticking to its 2 million barrels a day production cut, and demand from China expected to see an uptick in the coming periods.
Meanwhile, natural gas gained 0.88% to close at $3.671 today. While production remains high, prices are now back to lows last seen nearly a year ago.
The Energy Select Sector SPDR ETF (XLE) has now gained about 4.4% over the last five sessions, while Exxon is up about 4.1%.
Here are related tickers for this article:
- United States Oil Fund LP (USO)
- Exxon (XOM)
- Frontline (FRO)
- ProShares Ultra Bloomberg Crude Oil (UCO)
- United States Natural Gas Fund LP (UNG)
- Cheniere Energy (LNG)
- ConocoPhillips (COP)
- Chevron (CVX)
- Bloom energy (BE)
- Occidental Petroleum (OXY)
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