The benchmark crude WTI is up 0.48% to $76.70 today at 7.22 a.m. EST. but is still down 4.4% so far in 2023. Natural gas too remains on a weak footing and has lost 49.4% so far this year and is hovering at $2.25 today.
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A plethora of challenging macro factors continue to weigh on prices. This includes the ever-increasing possibility of the U.S. Fed tilting the scales toward a recession given the latest inflation print, ample oil supply in the market, and weak consumer sentiment.
Meanwhile, the Energy Select Sector SPDR ETF (XLE) too has dropped about 6.7% over the past month. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.
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