What Could Influence Oil This Week?



Key energy events

From June 11–15, the events listed in the following table could impact oil and natural gas prices.


OPEC’s Monthly Oil Market Report and the EIA’s (U.S. Energy Information Administration’s) US Oil Market Report scheduled for June 12 and June 13, respectively, could be the keys to oil’s future movements.

The EIA’s Short-Term Energy Outlook Report to be released on June 12 could also be important for oil as well as natural gas prices.

The FOMC (Federal Open Market Committee) meeting scheduled for June 12–13 could determine the next move of the US dollar, an important factor for oil prices.

The EIA’s oil and natural gas inventory reports scheduled to be released on June 13 and June 14, respectively, could also 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 affected by moves in energy prices in the short term as well.

From June 1–8, CPE and FANG fell 8.8% and 1.3%, respectively, and CRZO rose 6.9%. During that period, US crude oil July futures and natural gas July futures fell 0.1% and 2.4%, 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 fell 0.3%, and XLE rose 0.7%.

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