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Crude oil futures ended the week and month higher on rising expectations that demand will continue to rise during the summer.
In early June, OPEC+ stated that it would begin to lift production cuts after September. Oil prices have fallen to multi-month lows, and then Stocks rose on forecasts of a tightening balance ahead and rising geopolitical risks.
“Despite negative crude inventory results and a stronger U.S. dollar index, bullish demand expectations on the crude oil charts remain strong,” Forex.com analyst Razan Hilal told Dow Jones. “Expectations of easing monetary policy, coupled with expectations of higher oil demand over the summer, led this trend.”
Nymex front-month crude oil for August delivery (CL1:COM) ends the week +1% and month +5.9% Prices were at $81.54/barrel, while front-month August Brent crude oil (CO1:COM) ended the week +1.3% and this month +5.8% The price was US$86.41 per barrel; on Friday, WTI closed down 0.2% and Brent crude oil closed flat.
For the quarter, WTI fell 1.9% and Brent fell 1.2%.
Front-month Nymex Natural Gas (NG1:COM) for August delivery ends this week -8.3% But at that time +0.5% To $2.601/MMBtu that month.
But natural gas surged 47.5% in the second quarter, its best quarterly percentage gain since the first quarter of 2022.
ETFs: (USO), (BNO), (UCO), (SCO), (USL), (DBO), (DRIP), (GUSH), (NRGU), (USOI), (UNG), (BOIL), (Cold), (UNL), (FCG)
Beth Sewell, president of Quantum Gas & Electric Services, said U.S. natural gas production is “ample” and there are large amounts of gas in storage, but the Atlantic hurricane season is expected to be more active. market observation this week.
The National Oceanic and Atmospheric Administration predicts that hurricane activity in the Atlantic basin will be above normal this year, with an 85% chance of an above-normal season. There will be a total of 17-25 named storms, of which 8-13 may become hurricanes. .
At the same time, “temperatures remain above average across much of the United States for this time of year, driving demand for cooling and generation to support that demand,” Sewell said.
The energy industry represented by the Energy Select Industries SPDR Fund (NYSE:XLE), posted a strong week, +8.7%.
Top 10 gainers in energy and natural resources over the past 5 days: Nano Nuclear Energy (NNE) +49%Light bridge (LTBR) +39.8%ENVX +28.8%Skeena Resources (SKE) +18.5%Newcastle power supply (SMR) +16.6%Ecological wave energy (WAVE) +16.3%Knot Offshore Partner (KNOP) +16.1%Adams Resources & Energy (AE) +15.1%The most important lithium resource (FMST) +13.6%Scully Royals (SRL) +13%.
Top 5 Energy & Natural Resources Losers Over the Last 5 Days: Centuri Holdings (CTRI) -23.8%Permanent Resources (PPTA) -20.8%TPI Composite Materials (TPIC) -13.1%Ballard Dynamics (BLDP) -12.8%Compass Mineral (CMP) -11.5%.
Source: Barchart.com
