The benchmark crude WTI fell 4.1% to settle at $76.93 today. After a steep decline, prices have been consolidating over the past month and haven’t been able to break above the crucial $80 level.
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The next trajectory of oil in 2023 will be decided by the direction the Russia-Ukraine conflict takes, Europe’s relations with Russia, and the actions of the U.S. Fed and the OPEC.
Meanwhile, natural gas tumbled 10.9% to close at $3.988 today as demand weakness persists. This is a steep correction as compared to the August 2022 $10 levels as a confluence of a warmer start to 2023, a ramp-up in U.S. natural gas production, and rising gas reserves in Europe are keeping prices in check.
The Energy Select Sector SPDR ETF (XLE) finished 3.51% lower today.
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)
- Exxon (XOM)
- Occidental Petroleum (OXY)
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