Market News

Oil Trading Daily: Oil Trends Lower and Could be Headed Even Lower

The benchmark crude WTI fell 0.69% to settle at $75.88 per share. With the Fed’s latest rate hike behind us, earnings are at center stage again.

Shell has delivered a strong set of fourth-quarter numbers with EPS of $1.39 on revenue of $101.3 billion. The company has upped its dividend by 15% while also putting in place share purchases worth $4 billion.

The latest numbers from the Energy Information Administration indicate crude inventories in the U.S. increased by about 4.1 million barrels in the week ended January 27. The inventory buildup comes while crude prices have tanked from the $82 level over the last two weeks.

Meanwhile, natural gas closed little changed at $2.456 today, a minor relief after the 67% price correction over the past six months.

The Energy Select Sector SPDR ETF (XLE) is now down about 4.96% over the last five trading sessions. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets. 

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