The United States Oil ETF (NYSE: USO) dropped 1% but the Energy Select Sector SPDR Fund (NYSE: XLE) gained 0.5% on Wednesday as investors digest mixed data on the strength of the global economy and the outlook for energy dema
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The cost of wholesale European gas has increased by 572% this year to 276.23 euros per megawatt-hour, or approximately $274.70. Analysts predict that price increases will continue as winter approaches, fueling inflationary fears as Europe battles to cope with Russia's interruption of natural gas supplies.
Russia’s state-owned multinational energy corporation announced another maintenance closure of the Nord Stream 1 pipeline, following a reduction in natural gas volume over the past few weeks, as the pipeline is currently operating at 20% of the contractual volume, per CNBC.