uploads///p_Last

Key Energy Events for the Week Ending November 9

By

Nov. 20 2020, Updated 3:43 p.m. ET

Key energy events

This week, specific events could impact oil and natural gas prices. Early this week, the EIA’s (U.S. Energy Information Administration) STEO (Short-Term Energy Outlook) report is scheduled to be announced. The EIA’s STEO report might be important for oil and natural gas prices going forward.

On November 8, the Fed might announce important changes to key interest rates, which would be important for the US dollar. The movement in the US dollar is important for oil prices.

The EIA’s latest oil and natural gas inventory data are scheduled to be released on November 7 and November 8, respectively. The data could be an important short-term driver for oil and natural gas prices.

Article continues below advertisement

Energy stocks and ETFs

Energy stocks respond to long-term changes in oil and natural gas prices. However, energy stocks are also impacted by short-term energy price movements. Last week, Murphy Oil (MUR), EQT (EQT), and Apache (APA) returned -4%, 0.2%, and -3.9%, respectively. Meanwhile, US crude oil December futures fell 6.6%, while natural gas December futures rose 1.8%.

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, which rose 0.7% and 1.6%, respectively, last week.

Advertisement

More From Market Realist

    • CONNECT with Market Realist
    • Link to Facebook
    • Link to Twitter
    • Link to Instagram
    • Link to Email Subscribe
    Market Realist Logo
    Do Not Sell My Personal Information

    © Copyright 2021 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.