uploads/2018/03/P7.png

Which Events Could Drive Oil Prices This Week?

By

Updated

Key energy events

On March 26 and March 30, 2018, the events listed in the following table could impact oil and natural gas prices.

The U.S. Energy Information Administration is scheduled to release its Monthly Crude Oil and Natural Gas Production Report later this week. The report could be important for oil and natural gas prices.

The data won’t just impact oil and natural gas prices. Energy stocks like WPX Energy (WPX), Denbury Resources (DNR), and Whiting Petroleum (WLL) will likely be sensitive to oil and natural gas prices—based on their latest quarterly production mix data.

In the week ending March 23, 2018, WPX Energy, Denbury Resources, and Whiting Petroleum’s prices rose 3.9%, 8.5%, and 9.7%, respectively. During this period, US crude oil prices rose 5.6%, while natural gas futures fell 3.1%.

Energy ETFs like the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) and the Energy Select Sector SPDR ETF (XLE) contain energy stocks. The ETFs could react to the changes in oil and natural gas prices. Last week, XOP rose 0.8%, while XLE declined by the same magnitude.

Article continues below advertisement
Advertisement

More From Market Realist