WTI crude oil gained 1.75% to settle at $75.67 in today’s trading session as PCE inflation data came in lower than expected. Indeed, the month-over-month change came in at 0.3%, while the year-over-year figure was 5%. For reference, forecasters were expecting 0.5% for the former and 5.1% for the latter.
Turning to geopolitical events, Finland’s inclusion into NATO after Russia’s Belarus move and Poland amping up its arms are key developments to keep an eye on as well.
Meanwhile, natural gas surged 5.32% to close at $2.216. The latest numbers from the Energy Information Administration indicate natural gas stocks decreased by 47bcf to 1,853bcf in the week ending March 24. Furthermore, warmer weather continues to weigh on prices which have slid more than 20% over the past month.
In addition, the Energy Select Sector SPDR ETF (XLE) gained 0.56% so far and is up 4.84% over the past five sessions. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.
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