Oil Trading Weekly: Oil Continues Past 52-Week High
Market News

Oil Trading Weekly: Oil Continues Past 52-Week High

Story Highlights

Oil continues to rise as robust demand and supply tightness continue to push prices higher.

The benchmark crude, WTI, has surged 3.01% to $93.11 at the time of writing. Prices are now at 52-week highs, and if the supply tightness in the market continues, the climb could continue as well. However, the possibility of a U.S. government shutdown is keeping traders on edge.

Numbers from the American Petroleum Institute indicate a fall of nearly 1.59 million barrels in U.S. commercial stockpiles during the week ending September 22. Additionally, numbers from the Energy Information Administration (EIA) point to a decline of nearly 2.2 million barrels in crude inventories during the same period. In comparison, the Street had anticipated a decrease of only 1.32 million barrels for the week.

Meanwhile, natural gas is up 3.17% to $2.94 today. Expectations of rising demand for cooling have pushed natural gas 11% higher over the past five sessions. However, prices remain 58% lower over the past year.

Is USO a Good Investment?

The United States Oil Fund ETF (USO) has gained nearly 19.6% so far this year, and robust global demand for oil could push prices even higher.

Click here to see a list of energy stocks that may be influenced by the latest developments in the energy markets.

Read full Disclosure

Related Articles
TheFlyBP kills 18 hydrogen projects in cost-cutting move, TechCrunch says
TheFlyBP price target lowered to 445 GBp from 490 GBp at Morgan Stanley
TheFlyOPEC+ members delay planned increase in oil production, FT reports
Go Ad-Free with Our App