Market News

Oil Trading Daily: Oil Plunges after Key Macro Data is Released

The benchmark crude WTI fell 4.64% to settle at $71.33 per barrel in today’s trading session as markets digest a dip in consumer inflation data. Inflation numbers, coupled with the trajectory of the SVB Financial (NASDAQ:SIVB) collapse, will help gauge the next direction that interest rates take.

Additionally, the monthly report from the OPEC indicates the OPEC Reference Basket value increased by 0.3% month on month to an average of $81.88 per barrel. In the month of February, OPEC’s crude production increased to 28.92 million barrels a day.

Meanwhile, natural gas lost 1.27% to close at $2.573 MMBtu. Prices are down more than 41% so far this year.

The Energy Select Sector SPDR ETF (XLE) has now corrected 5.29% over the past five sessions alone. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.

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