The benchmark crude WTI is up 0.70% to $68.18 today at 10.31 a.m. EST. Prices remain nearly 15% lower year-to-date and technicals indicate a break below March lows of ~$66 could mean a sharp selloff.
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Latest numbers from the American Petroleum Institute indicate commercial stockpiles in the U.S. decreased by 2.41 million barrels during the week ended June 23. Further, numbers from the Energy Information Administration point to a drop of 9.6 million barrels in crude inventories during this period. The Street had pegged the decrease at only 1.76 million barrels in comparison.
If you were hoping for a surge in oil prices after the recent theatricals in Russia, the heavily sanctioned country is on the verge of surpassing Saudi Arabia as the largest oil provider to China, according to the Wall Street Journal. It is also one of the largest oil suppliers to India at present.
Meanwhile, natural gas is down 1.32% to $2.75 today but remains nearly 14% higher over the past month as expectations of hotter weather build-up.
At $61.95, the United States Oil Fund ETF (USO) is up 1.06% today but still remains nearly 27.6% lower over the past year. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.
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