BOOM - Energy up nearly 50% YTD as crude oil climbs to $110 per barrel

The oil and gas sector was easily the week's biggest winner, surging 10.2%, rising alongside crude oil prices, as analysts say the looming European Union embargo on Russian oil has the makings of an "acute supply squeeze." WTI crude futures (CL1:COM) jumped 4.9% for the week to $109.77/bbl, July Brent futures (CO1:COM) also added 4.9% to $112.39/bbl, and gasoline futures (UGA) in New York settled at a record high $3.76/gal, three weeks before the start of the U.S. summer driving season. Gasoline in storage is usually building at this time of year ahead of driving season, but "gasoline storage has been lower for five weeks in a row [and] 12 of the past 13 weeks," Mizuho's Robert Yawger said. U.S. natural gas prices (NG1:COM) fell 8.4% on Friday to $8.043/MMBtu, but still surged 11% for the week even with the late profit-taking selloff, after settling at a 14-year high on

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Energy up nearly 50% YTD as crude oil climbs to $110 per barrel