The benchmark crude WTI is down 0.49% to $79.24 today at 10.13 a.m. EST as markets await the U.S. Fed’s latest interest rate decision later today. Amid a broad-based market rally, oil prices too have climbed nearly 14.65% over the past month.
Latest numbers from the American Petroleum Institute indicate an increase of nearly 1.32 million barrels in U.S. commercial stockpiles during the week ended July 21. Further, numbers from the Energy Information Administration point to a decrease of nearly 600,000 barrels in crude inventories during the same period. In comparison, crude inventories had decreased by about 700,000 barrels in the prior week.
Traders continue to expect higher oil prices in the remainder of 2023 on the back of lower shipments from Saudi Arabia and Russia. The Biden administration is looking to raise royalties and associated fees for energy drilling on public lands and this could mean an over 33% increase in the minimum royalty rate for drilling rights.
Meanwhile natural gas too is down 2.92% to $2.65 today and despite a recent uptick, still remains nearly 40.3% lower year-to-date.
The United States Oil Fund ETF (USO) too is down 0.27% to $70.97 today but is hovering nearly 5.2% higher year-to-date. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.
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