WTI crude oil closed 3.3% higher to $85.55 per barrel as the U.S. government gets ready to release 15 million barrels of oil from its emergency reserves while also looking at more releases in the winter.
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Further, the government plans to replenish its stockpile when prices reach $67 to $72 per barrel levels.
The Energy Information Administration (EIA) numbers today indicate crude inventories have declined by 1.7 million barrels over the prior week. Further, the import of crude oil averaged 5.9 million barrels a day last week.
In the meantime, U.S. natural gas closed 4.9% lower to $5.462. Importantly, the current trajectory looks set to break below lows last seen in June.
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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