As broader indices rally after a softer-than-anticipated inflation print, the benchmark crude WTI too is up 1.48% to $75.94 today at 10.44 a.m. EST. Prices have now rallied nearly 9.7% over the past month alone.
Latest data from the U.S. Energy Information Administration indicates crude inventories in the U.S. rose by 5.9 million barrels during the week ended July 7. In comparison, the Street had anticipated a rise of nearly 0.48 million barrels. EIA sees crude output in the country rising to 12.6 million barrels a day this year and expects the oil market to remain tight in the second half of this year.
Further, numbers from the American Petroleum Institute point to a rise of 3 million barrels in commercial crude stockpiles in the U.S. for the week ended July 7.
Meanwhile, natural gas is down 3.06% to $2.65 today but despite recent weakness, still remains nearly 16% higher over the past month. Energy major Shell (NYSE:SHEL) has made a fourth oil discovery in Namibia confirming hydrocarbon presence. The company is planning to drill two more wells by the third quarter and is also looking to drill 10 more wells in the country if it gets the requisite license.
The United States Oil Fund ETF (USO) too is rising with the broader markets with a gain of 1.06% to $67.75 today and is up 5.1% over the past five sessions. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.
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