The benchmark crude WTI gained $0.41 to settle at $72.15 per barrel in today’s session. The price gains come after Saudi Arabia announced a voluntary one million barrel-a-day production cut to be effective from next month.
OPEC+ is also extending its production cuts into next year and is keeping existing output targets in place for the rest of 2023. While crude prices rally after the announcement, Goldman Sachs remains buoyant on Occidental Petroleum (NYSE:OXY), ConocoPhillips (NYSE:COP), and Marathon Petroleum (NYSE:MPC). In another development, Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) are moving closer to clinching key oil and gas deals in Algeria.
Meanwhile, natural gas increased $0.073 to close at $2.245 per MMBtu today. Nonetheless, expectations of tepid demand and milder weather conditions continue to impact sentiment with the price of natural gas hovering nearly 50% lower year to date.
In addition, the United States Oil Fund ETF (USO) is flat at $64.16 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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