The benchmark crude WTI fell 1.3% to settle at $71.86 per barrel in today’s trading session. Nonetheless, prices have steadily gained 1.2% over the past five sessions as optimism over a possible resolution to the U.S. debt ceiling limit grows.
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The Latest numbers from the Energy Information Administration indicate crude inventory in the U.S. rose by five million barrels during the week ending May 12. The Street, on the other hand, has estimated a drop of nearly 920,000 barrels for the week.
Meanwhile, natural gas is continuing to build upon earlier gains with a 9.6% jump to settle at $2.592 per MMBtu. Prices have now risen nearly 10% over the past five sessions.
After gaining nearly 3.3% yesterday, the United States Oil Fund ETF (USO) is down 0.98% to $63.97 at the time of writing. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.
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