IREN - Energy stocks slump with oil prices; IEA warns of 'emergency situation'

Energy (NYSEARCA:XLE) was the only sector decliner as the broader stock market racked up its best week since November 2020, while crude oil posted its first back-to-back weekly decline since December. U.S. WTI April crude (CL1:COM) closed 1.7% higher Friday but fell 4.2% on the week at $104.70/bbl; the front-month contract has now dropped 9.5%, or $11, over the past two weeks as fears of global shortages caused by sanctions on Russian oil and war in Ukraine have yet to materialize in the physical market. U.S. natural gas (NG1:COM) rose 2.9% for the week to $4.863/MMBtu following a larger than normal weekly storage decline and short-term weather forecasts that indicate cool temperatures and relatively healthy heating demand. Fundamentally, oil markets remain tight but "until we get some resolution on what Russia's ultimate goal is, you're going to have a lot of sentiment and a lot of volatility in oil prices,"

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Energy stocks slump with oil prices; IEA warns of 'emergency situation'