WTI crude oil closed 0.64% higher to $85.05 per barrel, posting modest gains but still on track toward the $80 mark. U.S. natural gas, on the other hand, was the big loser today and finished down 7.45% to $4.959 today, marking a nearly 23% price slump this week. Prices are now well below lows last seen in July this year.
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The slump in prices comes on the Biden Administration’s steps to ease price pressures for consumers with the release of strategic oil reserves.
Moreover, President Biden’s calls on the energy industry to ramp up production and hints at continuing to utilize the country’s oil inventories are keeping prices subdued.
Additionally, a grim macro outlook globally combined with multiple scalebacks of growth projections continue to weigh on market sentiment.
Here are some stocks that could be affected by this news:
- Energy Select Sector SPDR Fund (XLE)
- United States Oil Fund LP (USO)
- ProShares Ultra Bloomberg Crude Oil (UCO)
- Exxon Mobil (XOM)
- Chevron (CVX)
- Occidental Petroleum (OXY)
- United States Natural Gas Fund LP (UNG)
- Cheniere Energy (LNG)
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