Market News

Oil Trading Daily: Oil Closes Higher; Natural Gas Plummets

The benchmark crude WTI closed 1.07% higher to settle at $81.01. Latest figures from the Energy Information Administration show petroleum stocks in the U.S. inched upwards by 0.5 million barrels last week.

A slew of earnings is keeping markets busy, and Chevron is slated to report its Q4 numbers tomorrow before the market opens. Analysts expect the company to post an EPS of $4.33 on a top line of $52.7 billion for the period.

NextEra Energy delivered a 22% top-line growth for Q4 with revenue of $6.16 billion. Further, the company’s EPS too grew at a healthy 24% to $0.51. For the full year 2023, NextEra sees EPS hovering between $2.98 and $3.13.

Meanwhile, natural gas continues its dismal downtrend by falling 4% to finish at $2.944. Prices are now back to lows last seen in May 2021, and this could put pressure on natural gas producers such as Antero Resources and EQT Corp. The dynamic comes after a milder winter and elevated gas supply in the U.S. market.

The Energy Select Sector SPDR ETF (XLE) has gained over 43% over the past year, and here is a list of energy stocks that can be influenced by the aforementioned data

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