Key energy events

The EIA’s (U.S. Energy Information Administration) latest oil and natural gas inventory data are scheduled to be released on December 5–6, respectively. The data could be an important short-term driver for oil and natural gas prices. However, OPEC’s meeting on December 6 will likely be the key catalyst for oil prices. In Part 1, we dicussed the importance of OPEC’s meeting.

OPEC’s Meeting: Key Catalyst for Oil This Week

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) rose 6.3%, 3.3%, and 0.8%, respectively. US crude oil January futures rose 1%, while natural gas January futures rose 5.9%.

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 1% and 3.4%, respectively, last week.

Latest articles

WeWork is gearing up for an IPO. On Wednesday, the company made its IPO filing with the SEC public and expects to garner $3.5 billion from its IPO.

After FCC Chairman Ajit Pai recommended the approval of the T-Mobile–Sprint merger, Representative David Cicilline urged the FCC to allow public comment.

Cresco Labs (CRLBF) is set to report its Q2 earnings on August 21 after the market closes. The company's stock fell 5.3% yesterday.

Cannabis stocks mostly traded in positive territory today. Supreme Cannabis (FIRE) and Aurora Cannabis (ACB) rose about 9.5% and 5.5%, respectively.

NVIDIA (NVDA) stock soared 6% in today’s trading session as its Q2 earnings for fiscal 2020 beat estimates. However, its guidance missed estimates.

Nio Inc. (NIO) has disrupted the automotive space since 2014 but only made waves in the market since its IPO. Investors have suffered numerous setbacks.