WTI crude oil closed 1.55% lower to settle at $78.40 per barrel. Prices are beginning to give up the momentum gained on Russia’s retaliatory move for the $60 cap on its oil.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
A major part of 2022 was a bumper year for energy companies, which led to a windfall tax on their outsized gains. Now, the German and Dutch units of Exxon (XOM) are suing the European Union to annul the windfall tax.
The windfall tax will be to the tune of 33% on taxable profits for 2022-2023. This could mean a roughly $2 billion outgo for Exxon.
Meanwhile, natural gas fell by 2.7% as it closed at $4.559. Prices continue to decline and are back to lows last seen in March this year.
The Energy Select Sector SPDR ETF (XLE) is now down 3.4% over the past month.
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)
Special end-of-year offer: Access TipRanks Premium tools for an all-time low price! Click to learn more.
Read full Disclosure
