Key energy events
The EIA (U.S. Energy Information Administration) is scheduled to release its Monthly Crude Oil and Natural Gas Production data on April 30. The data would be important for oil and natural gas prices. US oil production data also influence the Brent-WTI spread. The oil and natural gas inventory data are scheduled to be announced on May 1 and May 2. The data will likely be a short-term driver for oil and natural gas prices. Apart from the inventory data, the rig count report on May 3 will likely be important for the energy sector.
Sign up for Bagels & Stox, our witty take on the top market and investment news, straight to your inbox! Whether you’re a serious investor or just want to be informed, Bagels & Stox will be your favorite email.
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 1.1%, 2.7%, and -7.8%, respectively. US crude oil June futures fell 1.2%, while natural gas June 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 energy commodities are expected to influence XOP and XLE, which fell 1.7% and 1.4%, respectively, last week.