The benchmark crude WTI closed almost 1% higher to settle at $74.11 per barrel. Meanwhile, natural gas jumped 1.95% to $2.457. Energy prices continue to slump as supply remains healthy, with U.S. stockpiles indicating an uptick.
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While oil has fallen by ~8% so far this year, natural gas has dropped by a massive 46%. Globally, tensions continue to flare up, with the U.S. shooting down what China termed a meteorological data collection balloon. Ukrainian troops are digging in to prepare for a fresh Russian offensive.
In sync, the Energy Select Sector SPDR ETF (XLE) has also dropped by 4.6% over the last five trading sessions, and investors are beginning to steer clear of energy names despite a bumper run on the bourses owing to concerns over emissions.
Energy major BP is set to announce its fourth quarter numbers tomorrow and is largely expected to post an EPS of $1.66. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.
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