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Key Events for the Oil Market This Week

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Key energy events

On June 18–22, the events listed in the following chart could impact oil and natural gas prices.

OPEC members’ meeting is scheduled for June 22. The meeting will likely be the most important event for oil prices this week. The meeting will decide the fate of the production cut deal—an event that would decide the future direction of oil prices.

The EIA’s (U.S. Energy Information Administration) drilling productivity report is scheduled to be released on June 18. The report could be important for oil and natural gas prices.

The EIA’s oil and natural gas inventory reports are scheduled to be released on June 20 and June 21, respectively. The reports could be important for oil and natural gas prices this week.

Energy stocks and ETFs

Callon Petroleum (CPE), Diamondback Energy (FANG), and Carrizo Oil & Gas (CRZO) respond to changes in oil and natural gas prices, at least in the long term. Energy stocks are often impacted by moves in energy prices in the short term.

On June 8–15, Callon Petroleum and Carrizo Oil & Gas fell 2.6% and 1.6%, respectively, while Diamondback Energy rose 1.4%. During the same period, US crude oil July futures fell 1%, while natural gas July futures rose 4.6%, respectively.

The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) and the Energy Select Sector SPDR ETF (XLE) invest in energy stocks. Any changes in oil and natural gas prices are expected to be important for XOP and XLE. Last week, XOP and XLE fell 3.9% and 3.6%, respectively.

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