IMPP - Energy stocks sizzle as crude closes historic weekly run at 13-year high

Shares of oil and gas companies (NYSEARCA:XLE) soared 9.3% this week, marking the sector's biggest weekly gain since October 2018, as crude oil prices rocketed past $115/bbl for the highest weekly dollar increase on record, sparked by fears of a major supply crunch from Russia's invasion of Ukraine. Front-month WTI crude (CL1:COM) settled +7.4% on Friday to $115.68/bbl, the highest closing price since September 2008 and capping a stunning $24/bbl, or 26%, gain for the week, as the brutality of Russia's invasion became clear. Natural gas futures (NG1:COM) +6.2% to a one-month high $5.02/MMBtu after European prices surged again on fears of shortages given Russia is a key supplier to the continent. J.P. Morgan said this week that Brent crude could end the year at $185/bbl if Russian supply remains disrupted, and Goldman Sachs sees oil reaching $150 in the next three months without Russian barrels on the market. "Any

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Energy stocks sizzle as crude closes historic weekly run at 13-year high