The benchmark crude WTI saw little change in today’s trading session as it settled at $68.56 per barrel. Prices have now tanked more than 10% over the past five sessions amid weak sentiment and the rising possibility of a recession later this year.
Latest numbers from the Energy Information Administration indicate crude inventories in the U.S. declined by 1.3 million barrels during the week ended April 28. The figure was higher than the Street’s estimates of a 1.1 million barrel decline.
Meanwhile, natural gas fell 3.18% to close at $2.10 per MMBtu. While prices have dropped significantly over the past five sessions, the $2 mark continues to act as a crucial support level.
Conversely, the United States Oil Fund ETF (USO) is up 0.63% at the time of writing. Nevertheless, it too has nosedived over 8% during the past five days as the energy sector continues to remain under pressure. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.
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