The benchmark crude WTI gained 4.09% to settle at $77.14 per barrel. Natural gas also surged by 5.17% to close at $2.584 today. The massive earthquake in Turkey has led to concerns over supplies.
The Ceyhan oil-export terminal in the country has been temporarily shuttered. The facility oversees about 1% of global oil shipments. Additionally, expectations of buoyant demand from China are also helping prop up energy prices.
Energy major BP has posted a record profit for the year 2022. The company delivered earnings per American Depository Share (ADS) of $1.59 during the quarter. Additionally, it expects refining margins to see an improvement in the first quarter.
Despite recent bout weakness, the Energy Select Sector SPDR ETF (XLE) is still up 31.55% over the past 52 weeks. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.
Read full Disclosure