Crude Oil Rebounds, Natural Gas Surges 3.5%: What's Driving Energy Commodities Today?
Portfolio Pulse from Piero Cingari
Energy commodities are experiencing a positive trading session with West Texas Intermediate (WTI) crude oil and natural gas seeing upticks of 0.8% and 3.5% respectively. The rise in crude oil prices is attributed to strategic expansion of the BRICS coalition and potential termination of commercial sanctions with Venezuela. Natural gas prices are rising due to a lower than expected increase in inventories.
August 24, 2023 | 5:12 pm
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POSITIVE IMPACT
United States Natural Gas Fund LP (UNG) showcased an impressive 3.5% surge due to a lower than expected increase in inventories.
Natural gas prices are rising due to a lower than expected increase in inventories. This has a direct impact on the United States Natural Gas Fund LP (UNG) which tracks the price of natural gas.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
United States Oil Fund ETF (USO) is experiencing a slight uptick of 0.8% due to strategic expansion of the BRICS coalition and potential termination of commercial sanctions with Venezuela.
The rise in crude oil prices is attributed to strategic expansion of the BRICS coalition and potential termination of commercial sanctions with Venezuela. This has a direct impact on the United States Oil Fund ETF (USO) which tracks the price of crude oil.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80