The benchmark crude WTI fell 0.4% to settle at $71.55 per barrel in today’s session as debt ceiling talks hit a snag after GOP negotiators walked out of a meeting with White House officials.
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Meanwhile, natural gas remained relatively unchanged after surging nearly 13.7% over the past five sessions, closing at $2.585 today. The rise comes as the latest numbers from the Energy Information Administration indicated natural gas inventory in the U.S. rose by 99bcf to 2,240bcf in the latest weekly print. This increase was lower than the Street’s expectations and raised worries about supply getting tighter.
Elsewhere, U.S. Fed Chair Jerome Powell spoke today, and he reiterated his usual talking points of being committed to bringing inflation down, along with other things.
In addition, the United States Oil Fund ETF (USO) is down 0.39% to $63.79 at the time of writing but remains more than 2% higher over the past five trading days. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.
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