WTI crude oil fell 1% to settle at $69.25 per barrel as tremors in the banking sector resumed today. The increased cost of default insurance is weighing on Deutsche Bank (NYSE:DB) shares today.
The U.S. has been releasing emergency oil reserves to keep prices subdued in the backdrop of the global geopolitical turmoil, and regulators expect the reserves to rise back to earlier levels over a period of a few years now.
Meanwhile, natural gas gained 2.88% to close at $2.216 today. The latest print from the Energy Information Administration indicates gas inventories dropped by 72 bcf to 1,900 bcf in the week ending March 17. Natural gas prices continue to remain subdued as supply outstrips demand and have corrected nearly 68% over the past six months.
However, the Energy Select Sector SPDR ETF (XLE) is up 0.46% heading into today’s trading close. Nevertheless, it’s down almost 10% in the past three months. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.
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