The benchmark crude WTI fell 3.59% to settle at $74.30 in today’s trading session. Oil prices continue to drift lower on weakening sentiment. Latest numbers from the American Petroleum Institute indicate oil inventories in the U.S. dropped by 6.1 million barrels during the week ended April 21.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
In addition, natural gas plunged 8.24% to close at $2.117 per MMBtu. This can be attributed to May contracts expiring today and expectations that natural gas supplies will continue to increase. Moreover, shares of Enphase Energy (NASDAQ:ENPH) are taking a beating today after the company’s second-quarter outlook failed to cheer investors.
The United States Oil Fund ETF (USO) also remains weak, having corrected 4.53% over the past five sessions. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.
Read full Disclosure