The benchmark crude WTI fell 0.87% to settle at $79.48 per barrel after temporarily breaking over the $80 level yesterday.
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The Energy Select Sector SPDR ETF (XLE) has gained about 1.18% month-to-date. Energy major Exxon, in comparison, is up about 0.3% during this period.
Meanwhile, natural gas plunged 7.7% to close at $3.311 today. The Freeport LNG plant is getting closer to putting outages behind it, and while gas supply in the U.S. is expected to outpace demand, slumping prices could force producers to take a relook at their production plans.
In an interesting turn of events, some lawmakers in Wyoming are proposing to phase out EV sales in the state by 2035 in a bid to support its oil & gas industry. On the other hand, California aims to ban internal combustion engines over the same timeline.
Here are related tickers for this article:
- United States Oil Fund LP (USO)
- Exxon (XOM)
- Frontline (FRO)
- ProShares Ultra Bloomberg Crude Oil (UCO)
- United States Natural Gas Fund LP (UNG)
- Cheniere Energy (LNG)
- ConocoPhillips (COP)
- Chevron (CVX)
- Bloom energy (BE)
- Occidental Petroleum (OXY)
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