The benchmark crude WTI fell 0.5% to settle at $78.06 per barrel. Conversely, natural gas gained 1.38% to close at $2.43 today. Nevertheless, natural gas prices are in an overall downward spiral and are down more than 30% over the past month alone.
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Latest numbers from the Energy Information Administration indicate oil inventories in the U.S. rose by 2.4 million barrels in the week ended February 3. This is on top of the 4.1 million barrel increase in the prior week.
As macro uncertainties continue to persist, initial jobless claims data before the opening bell today remains a key figure to keep an eye on.
The Energy Select Sector SPDR ETF (XLE) continues to trade range bound and dropped by 1.4% 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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