As we approach the Memorial Day weekend, which typically marks the start of the U.S. driving season, WTI crude oil saw a 1.2% increase, settling at $72.91 per barrel in today’s trading. This uptick can be attributed to the projected surge in demand for gasoline and other fuels in both China and the U.S., along with a stern warning to short-sellers from Saudi Arabia as OPEC+ gears up for a meeting early next month.
OPEC+ has grown increasingly annoyed as Crude prices have mostly hovered between $70 and $80 in the past half-year. In light of this, Saudi Arabia’s oil minister issued a stern warning for short sellers to “be cautious.”
On the other hand, natural gas fell 3.3% to close at $2.321 per MMBtu as investors seem to believe its previous rally was unjustified. Therefore, prices have plunged almost 10% in the past five sessions.
Furthermore, the United States Oil Fund LP (USO) is 1.47% higher in today’s session, as it trades at $64.85 per unit at the time of writing. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.