Key energy events
The EIA (U.S. Energy Information Administration) is scheduled to release its oil and natural gas inventory data on June 12 and June 13. The data will likely be a short-term driver for oil and natural gas prices. Any disappointment in the US crude oil inventory report will likely be a concern for oil prices. If the inventories spread falls for the week ending June 7, it might boost oil prices. Apart from inventories data, the EIA short-term energy outlook report early this week should be important to the energy space.
Apart from the inventory data, the rig count report later next week will likely be important for the energy sector. Last week, the US oil rig count was at the lowest level since February 2, 2018. The oil rig count is expected to bottom out this month. The report will be important for ETFs like the VanEck Vectors Oil Services ETF (OIH). In May, OIH has fallen 21.5%, the steepest decline among energy subsector ETFs. A decline of 16.4% in US crude oil prices and the lower oil rig count could be behind OIH’s decline. However, so far in June, OIH has outperformed energy subsector ETFs.