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Events that Could Impact Oil Prices This Week

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Nov. 20 2020, Updated 3:24 p.m. ET

Key energy events

Between July 30 and August 3, the events listed in the chart below could impact oil and natural gas prices. The EIA’s (U.S. Energy Information Administration) Monthly Crude Oil and Natural Gas Production data scheduled to be released early in this week is expected to be an important driver for oil and natural gas prices.

The FOMC’s meeting outcome on August 1 is expected to be important for the US dollar. Last week, the rise in the US dollar might have impacted oil prices.

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Energy stocks and ETFs

Energy stocks respond to long-term changes in oil and natural gas prices. However, energy stocks are also impacted by moves in energy prices in the short term.

Between July 20 and July 27, Murphy Oil (MUR), EQT (EQT), and Apache (APA) returned 2.0%, -10.5%, and 1.4%, respectively. During the same period, US crude oil September futures rose 0.6%, and natural gas September futures rose 2.0%.

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 influence XOP and XLE. XOP and XLE returned -0.6% and 2.3%, respectively, in the week ended July 27.

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