WTI crude oil ended today’s session with its sixth straight loss, as it slid 3.16% to settle at $73.95 per barrel. Meanwhile, natural gas rallied 4.87% to close at $2.174. Today’s Federal Reserve meeting minutes indicated that interest rates are likely to remain high for longer.
On Tuesday, the U.S. Purchasing Managers’ Index (PMI) data indicated that the U.S. Flash Composite PMI rose to 50.2 from 46.8, topping consensus expectations of 47.5 and reaching its best level since June last year. This indicated that the economic outlook is moving into growth territory even with the raised interest rates.
However, manufacturing activity remained weak but inched up higher to 47.8 from 46.9 previously.
In addition, the U.S. Oil ETF (USO) is down by 2.62% at the time of writing. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.