SlavkoSereda/iStock via Getty Images
Oil futures closed lower on Friday but rebounded more than 3% for the week, buoyed by hopes that the US Federal Reserve has reached the end of its tightening cycle.
But crude oil is still on the way to its steepest first-quarter drop since 2020, weighed against concerns about a possible US recession, continued strong Russian oil flows despite Western sanctions and refinery strikes in France.
He Oil Market’s Biggest Risk Is Tighter Creditwhich could restrict global demand for oil, said Stephen Innes of SPI Asset Management.
Previous month Nymex crude (CL1:COM) for May delivery closed +3.5% at $69.26/bbl this week, and Brent crude (CO1:COM) for May delivery settled +2.7% at $74.99/bbl, both snapping two-week losing streaks.
US natural gas (NG1:COM) fell for the third week in a row, with the Nymex contract closing out for April of the previous month -5.2% at $2,216/MMBtu.
ETFs: (NYSEARCA:USE), (BNO), (UCO), (BOD), (SCO), (USL), (DRIP), (GUSH), (USOI), (NRGU), (NYSEARCA:UNG), (UGAZF), (BOIL), (COLD), (UNL), (FCG)
The Freeport LNG export plant is ramping up, on track to get ~1.6Bcfd of gas on Friday, but Reuters reported on Friday that the plant may cancel some shipments due to problems with one of its three trains. of liquefaction and it might take longer than expected to return to full service.
Energy ranked second in the S&P sector rankings this week, with the Energy Select Sector SPDR ETF (NYSEARCA:XLE) +1.2%.
Top 10 gainers in energy and natural resources over the last 5 days: (CRT) +22.6%(ATLX) +19.2%(CSR) +18.8%(ADVICE) +17.2%(VOC) +14.9%(DFLI) +14.4%(EPSN) +13%(NRW) +11.4%(VOXR) +11.4%(WTTR) +11.2%.
Top 5 decliners in energy and natural resources over the past 5 days: (VIA) -35.2%(AC DC) -23.1%(VGAS) -17.4%(UEC) -17%(opal) -14.2%.
Source: Barchart.com
