BATL - Energy stocks up again as oil futures end week at fresh seven-year high
Oil and gas was the stock market's standout sector performer again this week, with the top energy ETF (NYSEARCA:XLE) +5%, as a severe winter storm in Texas added to a host of global supply concerns that lifted oil prices to fresh seven-year highs. Meanwhile, the average price of gasoline also surged to more than seven-year highs, posing a challenge to President Biden as he tries to combat soaring fuel costs. WTI crude for March delivery (CL1:COM) closed 6.3% higher for the week at $92.31/bbl, up for a seventh straight week and the highest finish for a front-month contract since September 2014, while natural gas futures (NG1:COM) capped a wildly volatile week with a 1.4% decline to $4.572/MMbtu after surging as much as 23% a week earlier. Big names touching multi-year highs on Friday included HES, COP, PXD, MRO, XOM, HAL, OXY, APA, EOG and VLO. "Oil prices are rising more
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Energy stocks up again as oil futures end week at fresh seven-year high