Market News

Oil Trends Lower ahead of Midterms

Markets remain cautious ahead of the crucial midterms and the benchmark Crude WTI is following suit with a 1.23% drop to $90.62 today at 4.13 a.m. EST.

The next trajectory of the broader markets as well as oil will hinge on the crucial outcome. Chevron (CVX) and ConocoPhillips (COP) have teamed up with Aris Water (ARIS) on developing cost-effective and scalable solutions for water treatment and reuse.

Occidental Petroleum (OXY) is slated to report third-quarter numbers today. The Street expects the company to post an EPS of $2.48, significantly higher than the year-ago figure of $0.87. OXY, a Warren Buffett favorite, has climbed ~144% year-to-date.

U.S. natural gas, meanwhile, is paring recent gains fast and is down 5.7% to $6.54 already.

The Energy Select Sector SPDR ETF (XLE) is now up 3.5% over the past five days.

Here are related tickers for this article:

  • United States Oil Fund LP (USO)
  • ProShares Ultra Bloomberg Crude Oil (UCO)
  • United States Natural Gas Fund LP (UNG)
  • Cheniere Energy (LNG)

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