WTI crude oil gained 0.53% to settle at $80.14 per barrel in today’s trading session. Meanwhile, natural gas prices plunged 4.34% to close at $2.405.
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Inflation fears have come to the forefront as, on Friday, the University of Michigan released its preliminary results on consumer inflation expectations over the next five years. Consumers now expect inflation to be 2.9%, in line with forecasts.
In addition, Russia’s announcement of a production cut has also stoked fears of a rise in prices. However, the United Arab Emirates energy minister, Suhail al-Mazrouei told Reuters that he did not see the need for the OPEC+ group of oil-producing nations to meet earlier than scheduled.
He commented, “I do not see a requirement for a meeting. The market is balanced.”
Latest numbers from the Energy Information Administration indicate natural gas inventories in the U.S. dropped by 217bcf to 2,366bcf in the week ended February 3.
Furthermore, the Energy Select Sector SPDR ETF (XLE) is down 0.31% at the time of writing. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.
