The benchmark crude WTI fell 2.36% to settle at $66.74 per barrel in today’s trading session as markets continue to weigh risks in the banking sector and digest the latest rate hike from the European Central Bank.
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Further, while crude supply remains buoyant, prices are now trading firmly below the $75 support level.
Meanwhile, natural gas plunged 7% to close at $2.338 MMBtu. Prices have now corrected roughly 48% since the beginning of the year.
In addition, the Energy Select Sector SPDR ETF (XLE) has corrected 2.84% over the past five sessions, indicating a weakness in major energy names. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.
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