WTI crude oil is up 0.58% to $89.35 today as of 11:14 a.m. EST. Prices are now inching ever closer to levels last seen in November 2022 as supply becomes tight and the global economy continues to remain resilient.
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While Saudi Arabia and Russia recently decided to keep their production cuts in place, OPEC now expects oil demand to remain robust in 2023 and 2024, with a projected rise of 2.25 million barrels a day in 2024.
Numbers from the American Petroleum Institute indicate a rise of nearly 1.17 million barrels in U.S. commercial stockpiles during the week ending September 8. Additionally, numbers from the Energy Information Administration point to an increase of nearly 4 million barrels in crude inventories during the same period. In comparison, crude inventories had decreased by about 6.3 million barrels in the prior week, and the Street had anticipated a decrease of 1.9 million barrels for the week ending September 8.
Meanwhile, natural gas is up 0.55% to $2.76 today but remains nearly 38% lower year-to-date. Prices have surged by nearly 6.5% over the past five sessions on expectations of moderating inventory levels.
The United States Oil Fund ETF (USO) has gained nearly 18% for the year so far, and with oil prices expected to remain buoyant, more gains could be on the horizon.
Click here to see a list of energy stocks that may be influenced by the latest developments in the energy markets.
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