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Author: Kurt Gallon
The earnings season has begun, and the US upstream energy sector is expected to be among the top-performing US sectors in the third quarter.
Upstream energy stocks saw massive profit-booking last week after rising for the fourth consecutive week.
Crude oil has been very volatile recently. WTI reached a new four-year high of $76.40 per barrel on October 3, amid supply concerns due to looming Iran sanctions.
Diamondback Energy (FANG) has rallied sharply from last month's low of $111.30 on September 10. FANG stock has risen ~22% since then.
In the week ending September 28, upstream energy stocks continued their winning streak for the third consecutive week.
Devon Energy (DVN) has been sluggish over the past month despite the gains in crude oil and natural gas prices.
US crude oil has seen a strong rally since the beginning of September. US crude oil breached $72 per barrel. WTI has risen more than 3% in September.
In the week ending September 24, upstream energy stocks continued their winning streak for the second consecutive week.