2023-04-06 19:45:19 ET
Oil futures tallied a third straight weekly gain, boosted by this week's OPEC+ production cuts , but prices have been treading water since the big initial gains from the shock announcement, suggesting lingering concerns over global demand and recession risks continue to weigh on market sentiment.
Oil prices barely budged even after data showed U.S. crude stockpiles shedding 3.7M barrels last week, with inventories of gasoline and distillates also dropping, and as Saudi Arabia raised its official selling prices for all oil sales to Asian customers starting in May.
It seems U.S. benchmark crude " isn't going to budge from the $80/bbl level , even as the headlines suggest the U.S. economy is quickly weakening," Oanda analyst Edward Moya said.
In the holiday shortened week, front-month Nymex crude oil ( CL1:COM ) for May delivery closed +6.6% to $80.70/bbl, and June Brent crude ( CO1:COM ) finished +6.5% to $85.12/bbl, both posting their third straight weekly gains.
U.S. natural gas prices ( NG1:COM ) ended the week -9.2% at $2.011/MMBtu, hovering near the psychologically significant $2 level.
ETFs: ( NYSEARCA: USO ), ( BNO ), ( UCO ), ( DBO ), ( SCO ), ( USL ), ( DRIP ), ( GUSH ), ( USOI ), ( NRGU ), ( UNG ), ( UGAZF ), ( BOIL ), ( KOLD ), ( UNL ), ( FCG )
Energy ( NYSEARCA: XLE ) was the week's clear sector winner, +3% but leveling off late in the week.
Top 10 gainers in energy and natural resources during the past 5 days: ( BATL ) +24.8% , ( REPX ) +22.8% , ( TECK ) +21.5% , ( INDO ) +17% , ( MVO ) +15.6% , ( VOC ) +13.1% , ( REI ) +12.5% , ( HHRS ) +11.7% , ( OVV ) +11% , ( AU ) +10.9% .
Top 10 losers in energy and natural resources during the past 5 days: ( PLUG ) -17.6% , ( CHNR ) -16% , ( VTNR ) -15.8% , ( FCEL ) -14% , ( NAT ) -13.4% , ( MNTK ) -13.3% , ( VGAS ) -13.3% , ( PLL ) -13.2% , ( AMLI ) -12.6% , ( ALB ) -12.5% .
Source: Barchart.com
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Oil notches third straight weekly gain but WTI stuck at $80/bbl