The benchmark crude WTI closed flat to settle at $80.15 per barrel. The latest numbers from the American Petroleum Institute indicate oil inventories in the U.S. increased by 3.38 million barrels in the week ended January 20 as the country replenishes reserves released last year.
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Numbers from the U.S. Energy Information Administration will be a key figure to keep an eye on today. Exuberance over the reopening of the Chinese economy continues to taper and the OPEC is largely seen maintaining its current production pace in its next week’s meeting. At the same time, business activity in the U.S. has continued to shrink over the past few months.
Meanwhile, natural gas fell 5.86% to close at $3.067 today already. The Energy Select Sector SPDR ETF (XLE) is now up over 7% so far this month.
Exxon has halted routine natural gas flaring in the Permian basin and is pressing for stricter norms for the industry, reports Reuters. Importantly, the company is aiming to completely do away with routine flaring by the year 2030.
Exxon shares have gained a massive 56.3% over the past 52 weeks. Here is a list of energy stocks that can be influenced by the aforementioned data.
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