TELL - Energy stocks continue lower as oil posts weekly loss

The stock market's rebound this week was not reflected in oil and gas stocks (NYSEARCA:XLE), which fell ~2.5% for the holiday-shortened week after posting their worst performance since the start of the pandemic. WTI crude oil (CL1:COM) fell 1.7% for the week to settle at $107.62/bbl after clawing back some of the week's losses on Friday, as the University of Michigan's final June reading of longer-term consumer inflation expectations improved slightly, which strategists said could reduce the urgency for the Federal Reserve to impose steeper rate hikes. Natural gas futures (NG1:COM) fell to an 11-week low of $6.22/MMBtu, bringing losses to 30% over the past two weeks, the largest two-week drop since March 2003. "Wall Street remains optimistic that inflation will improve over the next year, and that is good news for risky assets, especially commodities," according to Oanda's Ed Moya. Recession fears dominated sentiment for most of the week,

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Energy stocks continue lower as oil posts weekly loss