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It s Still Stuck: Crude ETFs Rally on Suez Canal Blockage
etftrends.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from etftrends.com Daily Mail and Mail on Sunday newspapers.
Crude ETFs Soar as OPEC Production Plummets
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Crude Oil ETFs Continue to Rally Despite Surprise Inventory Build February 24, 2021
Crude oil and crude ETFs are gaining again Wednesday after sliding on Tuesday following a surprise U.S. inventory build reported by the API. Oil is also bolstered by a struggling restart to U.S. oil production lost during the Texas Freeze and a weaker U.S. dollar.
U.S. benchmark West Texas Intermediate crude oil gained 2.25% or $1.39 to trade at 63.05, having traded as high as $63.37.
Crude ETFs gained amid the news as well, with the
Earlier on Wednesday, oil prices were struggling after their losses Tuesday, but gained traction in the morning after the U.S. dollar weakened.
Crude ETFs Climbing Again Amid Talk of a Commodities Supercycle
Crude oil and crude ETFs are making considerable gains Monday on renewed supply concerns and recovering demand.
While international benchmark Brent crude gained $1.78, or 2.85% to trade $64.70 per barrel, West Texas Intermediate (WTI) crude oil climbed $1.89, or 3.2%, to trade at $61.13 per barrel.
Abnormally frigid conditions in Texas and the Plains states forced the closure of as much as 4 million barrels per day (bpd) of crude production, as well as 21 billion cubic feet of natural gas output, analysts estimated. The natural gas shutdown has caused widespread problems throughout Texas, New Mexico, and Arizona, where a plethora of customers were either freezing or paying exorbitant energy bills.
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