Market News

Oil Trading Daily: Oil Gives Up Gains despite Biggest Weekly Drop in U.S. Supply

Although the benchmark crude WTI climbed to its highest level in two weeks earlier today at $74.37/barrel, it gave up its gains by the end of the day. WTI settled at $72.97, down 0.3%.

This is despite the data from the Energy Information Administration (EIA), which reported the largest year-to-date weekly drop in crude inventories. Crude stockpiles declined by 7.5 million barrels for the week ended March 24, more than analysts’ forecasts of a fall of 5.5 million barrels.

Moreover, there were also supply disruptions from Kurdistan support prices. Additionally, global markets abound with optimism as banking woes take a backseat.

Elsewhere, Warren Buffett continues to load up on Occidental Petroleum  (OXY) shares. Berkshire Hathaway (BRK.A) (BRK.B) has now upped its stake in the company to about 23.6%.

Meanwhile, natural gas closed 1.82% higher to $2.186 today. Nonetheless, the onset of warmer weather continues to weigh on prices which have corrected substantially over the past month.

Major energy names continue to rise, and the Energy Select Sector SPDR ETF (XLE) has gained 7% over the past five sessions already. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.

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