Crude oil and natural gas rose

For the week ending November 10, 2017, crude oil (USO) prices rose from $55.64 per barrel to $56.74 per barrel—an increase of 2%. On November 13, crude oil prices rose almost 3%. The prices have consolidated in a narrow range, which might indicate that crude oil’s rally will continue. On November 10, 2017, crude oil closed at $56.74. Its 50-day and 200-day moving averages stand at $51.56 and $49.66 respectively. Three weeks ago, crude oil’s 50-day moving average crossed above its 200-day moving average—a positive technical development. Natural gas (UNG) prices rose last week. Natural gas prices rose from $2.984 per MMBtu (million British thermal units) to $3.213 per MMBtu.

Uptrend in ConocoPhillips Stock Might Take a Breather

ConocoPhillips stock didn’t hold its weekly gain

Despite strong gains in crude oil prices, ConocoPhillips’s stock price rose 0.06% from $52.96 to $52.99 last week. After rising by more than one percentage point on Monday, ConocoPhillips traded in a narrow range on Tuesday and Wednesday. On Thursday and Friday, ConocoPhillips traded with a negative bias and gave up most of its gains for the week. At the end of the week, ConocoPhillips generated a reversal candlestick pattern on the weekly chart, which indicates that ConocoPhillips’s uptrend might take a breather.

Peers

Due to rising crude oil prices last week, the Energy Select Sector SPDR ETF (XLE) produced a positive performance of 1.43%. XLE outperformed the SPDR S&P 500 ETF (SPY) last week, which fell 0.14%. Some of ConocoPhillips’s peers that also reversed the intra-week gains last week included W&T Offshore (WTI) and Jones Energy (JONE). Last week, they fell ~1% and ~16%.

In the next part, we’ll look at ConocoPhillips’s correlation coefficient with crude oil prices.

Latest articles

In this year’s annual shareholder letter, Berkshire Hathaway (BRK.B) CEO Warren Buffett discussed the possibility of an “elephant-sized acquisition."

The esports industry is thriving. Let's take a look at the expected growth in esports viewership and the total available market in the space.

Today, Jeff Bezos detailed Amazon's plans for sweeping sustainability initiatives. Bezos's announcement came a day before the Global Climate Strike.

Integrated oil companies ExxonMobil and Chevron have strong upstream portfolios, which play a vital role in determining their profitabilities.

Adobe (ADBE) released its fiscal 2019 third-quarter earnings results on September 17. Overall, its third-quarter results exceeded expectations.

There's been a lot of talk about defensive stocks amid broader markets' volatility. Southern Company stock has rallied almost 40% year-to-date.