The benchmark crude WTI is up 0.75% to $76.32 today at 10.56 a.m. EST and remains nearly 8.1% higher over the past month.
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While weaker-than-expected macro data from China and the resumption of oil output in Libya have been weighing on sentiment over the past few sessions, slashed outputs from Russia and Saudi Arabia and a surprise decrease in Russian seaborne crude shipments have been boosting expectations of price gains over the coming months.
Latest numbers from the American Petroleum Institute indicate a decrease of nearly 800,000 barrels in U.S. commercial stockpiles during the week ended July 14. Further, numbers from the Energy Information Administration point to a decrease of nearly 700,000 barrels in crude inventories during the same period. In comparison, crude inventories had increased by about 5.9 million barrels in the prior week.
Meanwhile, natural gas is down 0.26% to $2.62 today and remains nearly 41% lower so far this year. In another development, Tellurian (NYSE:TELL) shares are on the rise today after it committed to the sale and leaseback of nearly 800 acres of land for the Driftwood LNG project to Blue Owl Real Estate for about $1 billion.
Elsewhere, Baker Hughes (NASDAQ:BKR) shares are trending higher today after the company delivered better-than-expected second-quarter numbers. Q2 revenue jumped 24.8% year-over-year to $6.3 billion and was largely in line with estimates. EPS at $0.39, on the other hand, outperformed estimates by about $0.06.
The United States Oil Fund ETF (USO) is up 0.66% to $68.41 today but still remains essentially flat year-to-date. Here is a list of energy stocks that can be influenced by the latest developments in the energy markets.
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