Key energy events
The EIA (U.S. Energy Information Administration) is scheduled to release its oil and natural gas inventory data on March 27–28. The data will likely be a short-term driver for oil and natural gas prices. Apart from the inventory data, the monthly crude oil and natural gas production figure on March 29 will likely be important for the energy sector.
Any fall in the US crude oil production in January due to the lower oil rig count might boost oil prices. In fact, any fall in US crude oil production will likely lower the Brent-WTI spread. The spread fell to almost a one-month low last week.
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 -4.1%, 0.5%, and 1.1%, respectively. US crude oil May futures rose 0.4%, while natural gas May futures fell 1.2%. The above events will likely impact broader market indexes like the S&P 500 Index (SPY).
On March 22, J.P. Morgan (JPM) downgraded PPG Industries' (PPG) rating to "underweight" from "neutral."
Today, IHS Markit published its purchasing managers' indexes or PMIs for May countries around the world.
Best Buy (BBY) reported better-than-expected earnings for the first quarter of fiscal 2020, which ended on May 4.
On May 23 at 12:46 PM EDT, Apple (AAPL) was trading at $179.12 with a 2.0% loss for the day.
The CBOE Volatility Index has been sitting at very low levels for most of 2019.
On May 23, CannTrust (CTST) was trading nearly 4.1% lower, while Cronos Group (CRON) fell 3.3%.
US equity markets are in the red today amid the escalation in the US-China trade war.