The benchmark crude WTI gained 0.44% to settle at $82.52 per barrel, while natural gas surged 5.33% to close at $2.114 per MMBtu in today’s trading session.
Oil continues to display strength with expectations of the U.S. shoring up its strategic reserves. Additionally, marginally receding recession worries and production cuts by OPEC+ continue to boost sentiment.
Natural gas finally seems to be bottoming out at the $2 mark. Latest numbers from the Energy Information Administration indicate natural gas inventories in the U.S. rose by 25bcf to 1,855bcf in the week ending April 7. How prices move from the current level will hinge on the supply-demand dynamics over the coming periods.
In addition, the United States Oil Fund ETF (USO) has gained 6.15% so far in 2023. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.
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