The benchmark crude WTI is currently hovering at $80.45 as the non-farm payroll numbers come in today while markets remain closed.
Oil prices have shot up 6.3% over the past five sessions after a surprise production cut from OPEC+ and a price increase by Saudi Arabia for its Asian customers.
Sentiment continues to gyrate from optimistic to cautious as uncertainties regarding inflation, the next move by the U.S. Fed in May, the Russia-Ukraine conflict, and China’s potential moves with respect to Taiwan remain as an overhang.
Meanwhile, after yesterday’s fall natural gas has now dropped about 67% over the past year to the present $2.03 level.
The Energy Select Sector SPDR ETF (XLE), on the other hand, has gained 14.6% over the past year in what has been a bumper period for oil producers. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.
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