31 May

Crude Oil Prices Fell and Dragged S&P 500 Down

WRITTEN BY Gordon Kristopher

Crude oil prices  

US crude oil (VDE) (RYE) (XLE) futures contracts for July delivery fell 0.3% and closed at $49.66 per barrel on May 30, 2017. Brent crude oil futures also fell 0.9% and closed at $51.84 per barrel on the same day.

Prices fell for the second day this week due to the oversupply concerns mentioned below:

Crude Oil Prices Fell and Dragged S&P 500 Down

US crude oil prices are down ~3.1% after the OPEC meeting. Crude oil prices are also down 13.1% YTD. Oil and gas are major parts of the energy sector and constitute 6.1% of the sector as of May 30, 2017. The energy sector is down 13.3% YTD. Energy companies have been the worst-performing companies in the S&P 500 (SPY) (SPX-INDEX).

Oil and gas producers such as Whiting Petroleum (WLL) and SM Energy (SM) fell 8.7% and 8.0%, respectively, on May 30, 2017. Consequently, the energy sector fell 2.2% on the same day. The S&P 500 (SPY) (SPX-INDEX) fell 0.1% to 2,412.9 on May 30, 2017, from its record. The fall in the energy sector dragged down the S&P 500 on May 30, 2017. The energy sector is also limiting the upside for the S&P 500 in 2017.

Market focus moves towards API’s crude oil inventory report 

On May 31, 2017, the API (American Petroleum Institute) will release its weekly crude oil inventory report. Follow the series to learn more.

Let’s start with US crude oil prices in early morning trade on May 31, 2017, and Libya’s crude oil production.

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