Crude oil moving up
From June 18–20, crude oil (USO) prices were on the rise, increasing to $65.71 per barrel from last week’s close of $65.06, a 1% rise. On May 22, Crude oil prices hit a 52-week high of $72.90 per barrel but then retreated. Even heating oil (UHN) increased 1.1% from June 18–20. Gasoline (UGA), however, decreased 0.6% in that period.
Natural gas trading down
Natural gas (UNG) prices were trading down from June 18–20. They decreased from last week’s close of $3.02 per mmBtu (million British thermal unit) on June 15 to $2.96 per mmBtu on June 20, a fall of 2%.
With mixed performances from energy commodities, energy stocks are rising this week. From June 18–20, the Energy Select Sector SPDR ETF (XLE), which represents the energy sector of the S&P 500 Index, increased 1.2%.
Having analyzed the performance of energy commodities and the broader energy sector from June 18–20, let’s look next at the gainers in the upstream sector for that same period.