The benchmark crude WTI fell 2.33% to settle at $70.87 per barrel in today’s trading session. Latest numbers from the Energy Information Administration indicate crude inventories in the U.S. rose by 3 million barrels during the week ending May 5.
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In contrast, the Street was largely expecting a decrease of nearly 920,000 barrels for the week. The increase in stockpiles affected sentiment negatively, with growth concerns still being persistent. On the other hand, natural gas ended the day flat and is now down roughly 2.3% on a week-to-date basis.
After correcting nearly 18.73% over the past year, the United States Oil Fund ETF (USO) is beginning to show possible signs of bottoming out after bouncing higher from the $60 level twice over the past two months.
Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.
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