Crude oil and natural gas on the rise
In the week starting March 5, 2018, crude oil (USO) prices had risen ~2.2% from last week’s close of $61.25 per barrel to $62.60 per barrel by Tuesday. Even natural gas (UNG) prices are gaining this week. Natural gas prices increased from last week’s close of $2.69 per MMBtu (million British thermal units) on March 2 to $2.75 per MMBtu on March 6, an increase of ~2.0% so far.
Unleaded gasoline (UGA) and heating oil prices are also up ~1.7% and ~1.3% so far this week.
With the strong positive performance from energy commodities, the energy sector has been on the rise this week. As of March 6, the Energy Select Sector SPDR Fund (XLE), which represents an index of stocks across the energy sector, increased ~1.1%.
In this series
In this series, we’ll also look at the performance of energy subsectors. We’ll analyze the gainers and losers from the upstream and oilfield service sector and look at news or developments behind the moves.
In the next article, we’ll look at upstream gainers from this week.