The benchmark crude WTI finished flat to settle at $81.62 in today’s session. The weekly chart setup continues to suggest prices gaining further upward momentum over the coming days.
The U.S. and Europe are putting a cap on Russian oil, and a review of the cap is expected in March. In other developments, Saturn Oil & Gas is set to acquire energy producer Ridgeback Resources for $525 million. Saturn anticipates realizing free cash flows to the tune of $232 million from the move.
Further, Birchcliff Energy has upped its quarterly dividend by a whopping 900% to C$0.20. The stock goes ex-dividend on March 14 and has risen a hefty 54.4% over the past year already.
Meanwhile, natural gas finished 8.6% higher to close at $3.447 today. The price gains come after weeks of weakness owing to expectations of tepid demand and less cold weather. The Energy Select Sector SPDR ETF (XLE) is now up more than 6% over the past month.
Here is a list of energy stocks that are related to today’s story.
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