U.S. crude oil slides below $70; natural gas plunges on record output [Seeking Alpha]
APA Corporation (APA)
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U.S. crude oil slides below $70; natural gas plunges on record outputMay 30, 2023 6:35 PM ETUnited States Oil Fund, LP ETF (USO)UNGCL1:COMEQTUCOAPACTRADBOFCGUSLSCOUNLBNOBOILKOLDUGAZFGUSHDRIPUSOINRGUCO1:COMNG1:COMBy:Carl SurranSA Editor12 CommentsSlavkoSereda/iStock via Getty ImagesCrude prices fell to their lowest levels in nearly a month in the wake of concerns about whether the debt ceiling deal will pass the U.S. Congress as well as mixed messages from oil producers ahead of the OPEC+ meeting this comingweekend.Tensions have been risingFront-month Nymex crude (-4.4%-4.6%"The big elephant in the room is the continued drama over the debt ceiling," Price Futures analyst Phil Flynn said, adding the market will remain on edge until the deal actually passes both the House and Senate - not a sure thing, as some Republicans vented their disappointment at the agreement.U.S. natural gas futures (-3.7%Data provider Refinitiv reported average gas production in the U.S. Lower 48 states rose to
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