What’s Rising and Falling in the Energy Sector This Week
Crude oil leading the decline
So far this week (starting October 2, 2017), crude oil (USO) (USL) is leading the decline among energy commodities. Crude oil prices have fallen from last week’s close of $51.67 per barrel to $49.98 per barrel on October 4—a fall of 3% so far.
Crude oil prices have immediate support at their current 200-day moving average of $49.62.
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All other energy commodities have also fallen this week. As of October 4, 2017, natural gas (UNG) (BOIL) prices have fallen ~2.2% from last week’s close of $3.01 per MMBtu (million British thermal units) to $2.94 per MMBtu as of Wednesday.
Unleaded gasoline (UGA) prices have fallen this week after two weeks of consolidation—from last week’s close of $1.591 per gallon on September 29 to $1.581 per gallon on October 4—showing a total fall of 0.66% so far.
Gasoline’s 50-day moving average now stands above its 200-day moving average, which is a positive technical sign. Gasoline and heating oil prices impact refining companies (CRAK).
Heating oil (UHN) has fallen ~2% so far this week. On October 4, heating oil closed at $1.77 per gallon.
Despite the strong falls in natural gas and crude oil, the energy sector has been almost flat this week. As of October 4, the Energy Select Sector SPDR Fund (XLE), which represents an index of stocks across the energy sector, has fallen 0.20%.
XLE winners include Range Resources (RRC), Pioneer Natural Resources (PXD), Concho Resources (CXO), Marathon Oil (MRO), and Newfield Exploration (NFX), which have risen 3.27%, 2.86%, 2.66%, 2.51%, and 2.12%, respectively, so far this week.
XLE losers include Hess (HES), Devon Energy (DVN), Kinder Morgan (KMI), Helmerich and Payne (HP), and Halliburton (HAL), which have fallen 3.48%, 2.32%, 1.88%, 1.86%, and 1.85%, respectively, so far this week.
XLE has been underperforming the SPDR S&P 500 ETF (SPY), which has risen 0.77% so far this week.
Continue reading this series (below) for a closer look at the gainers and losers in the energy sector, starting with refining and marketing gainers.