Market News

Oil Trading Daily: Oil Closes Higher Even as Job cuts Deepen

The benchmark crude WTI gained 1.22% to settle at $81.31. The latest numbers from the Energy Information Administration indicate crude inventories in the U.S. increased by 8.4 million barrels in the week ended January 13.

While hopes of rising demand from China remain, macroeconomic challenges continue to persist globally, with Google parent Alphabet, Microsoft, and Intel announcing a new wave of job cuts. Inflation in Japan has hit the highest level in nearly three decades at 4%.

The proposed deepwater oil export facility of Enterprise Products Partners (NYSE:EPD) is seeing opposition over pollution worries, and environmentalists have sued the U.S. government to reverse its approval.

The facility could be the biggest offshore terminal in the country, and shares of the company have gained nearly 8% over the past month already.

Meanwhile, natural gas fell 3.1% to $3.174 today, continuing its downward trajectory. The Energy Select Sector SPDR ETF (XLE) is still up 4.18% so far this month.

Here are related tickers for this article:

  • United States Oil Fund LP (USO)
  • Exxon (XOM)
  • Frontline (FRO)
  • ProShares Ultra Bloomberg Crude Oil (UCO)
  • United States Natural Gas Fund LP (UNG)
  • Cheniere Energy (LNG)
  • ConocoPhillips (COP)
  • Chevron (CVX)
  • Bloom energy (BE)
  • Petrobras (PBR)
  • Enterprise Products Partners (EPD)
  • Occidental Petroleum (OXY)

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