The benchmark crude WTI fell 1.23% today to settle at $75.72 per barrel. The increased possibility of the U.S. Fed remaining aggressive to reign in inflation, coupled with a drop in China oil imports, continues to weigh on prices.
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The latest numbers from the Energy Information Administration indicate crude inventories in the U.S. declined by 1.7 million barrels in the week ended March 3.
In addition, natural gas slipped 0.3% to close at $2.543 per MMBtu. Prices are still down over 40% so far this year, and expectations of lower heating demand continue to weigh on sentiment.
Meanwhile, the Energy Select Sector SPDR ETF (XLE) has been trending lower over the past three months and is only up 1.1% over this timeframe. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.
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