Crude oil and natural gas moving up
For the week ended June 15, crude oil (USO) prices have been on the rise. Crude oil prices increased from the previous week’s close of $65.74 per barrel on June 8 to $66.89 per barrel on June 14—an increase of ~1.8% so far. On May 22, crude oil prices made a 52-week high of $72.90 per barrel, but they have retreated from these higher levels since then.
For the week starting June 11, natural gas (UNG) prices have risen strongly. Natural gas prices increased from the previous week’s close of $2.89 per MMBtu (million British thermal units) on June 8 to $2.96 per MMBtu on June 14—an increase of ~2.6% so far.
Gasoline and heating oil moving down
With the mixed performance from energy commodities, energy stocks are showing a weak performance this week. On June 14, the Energy Select Sector SPDR Fund (XLE), which represents the energy sector of the S&P 500 Index, decreased ~0.8%.
Having analyzed the performance of energy commodities and broader energy sector, we’ll look at this week’s gainers from the US refining sector.