The benchmark crude WTI gained 2.8% to settle at $72.83 per barrel as progress over the U.S. debt ceiling at Capitol Hill has made investors more optimistic today.
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Latest numbers from the American Petroleum Institute indicate crude reserves in the U.S. rose by 3.69 million barrels during the week ended May 12. Meanwhile, the International Energy Agency (IEA) now expects worldwide oil demand to reach 2.2 million barrels a day this year. The Agency noted China’s recovery post-lifting of COVID-19 curbs with a major boost in global demand coming from China and India.
The IEA also released its weekly Crude Oil Inventories report, which measures the weekly change in the number of barrels of commercial crude oil held by U.S. firms. Compared to last week, inventories jumped by 5.04 million barrels. For reference, economists were expecting a decrease of 920,000 barrels week-over-week.
Furthermore, natural gas slipped 0.46% to close at $2.365 per MMBtu. Nevertheless, it continues to remain above the important $2 support level.
The United States Oil Fund ETF (USO) is up 3.39% to $64.66 today but still remains more than 21% lower over the past year. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.
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