The benchmark crude WTI gained 2.4% to close at $80.26 per barrel. Markets seem uneasy heading into 2023 as global macro uncertainties continue to remain as an overhang.
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Broader global indices were flat to mildly lower to close the year today. Latest numbers from the Energy Information Administration (EIA) indicate U.S. crude inventories increased by 0.7 million barrels as compared to a draw of 5.9 million barrels in the prior week.
Oil prices continue to remain weak as COVID-19 cases continue to surge in China, and this could impact the demand outlook as well as international travel.
Meanwhile, natural gas fell 1.8% to settle at $4.475. EIA numbers indicate natural gas inventories in the U.S. declined by 213 BCF. The decline comes on top of the 87 BCF draw last week.
The year 2022 has been a bumper period for major energy names, and the Energy Select Sector SPDR ETF (XLE) has put on 56% gains over the past 52 weeks.
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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