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Oil futures rose for a fourth straight session on Friday, posting their first weekly gain in five weeks on the back of tightening inventories, particularly in the United States, and an underlying risk premium surrounding tensions in the Middle East.
analysts said A decline in weekly U.S. jobless claims reported earlier Thursday set the tone for investors who have been worried about labor market conditions.
Oil prices were also supported by China’s consumer price index, which rose slightly faster than expected last month.
According to Reuters, ActivTrades analyst Pierre Veyret said, “Chinese inflation data exceeded expectations, further strengthening the positive momentum. Against this background, it is not surprising that the price per barrel tested the $80 level.”
Veyret added: “Per-barrel prices have benefited from rising geopolitical tensions in the Middle East, which have heightened concerns about potential conflicts that could disrupt production in the region and reduce global crude supplies.”
Front-month Nymex crude oil for September delivery (CL1:COM) ends the week +4.5% To $76.84/barrel, including a 0.8% gain on Friday, front-month October Brent crude oil (CO1:COM) closed +3.7% This week it reached US$79.66/barrel, up 0.6% on Friday.
Front month Nymex natural gas for September delivery (NG1:COM) +8.9% This week it reached $2.143/MMBtu, its first weekly rise in four weeks, including a 0.7% rise on Friday.
ETF: (New York Stock Exchange: Use), (BNO), (UCO), (SCO), (USL), (DBO), (DRIP), (GUSH), (USOI), (UNG), (BOIL), (KOLD), (UNL), (FCG)
U.S. refiner executives said this week they would reduce output this season as margins remain weak and the companies plan to add more maintenance downtime as fuel demand falls over the summer.
Earlier this year, refineries were running at 95% of the industry average, leading to ample gasoline inventories, which was good for motorists but hurt profits, so “hopefully if you reduce supply you might get higher profits.” ,” Tudor Pickering Holt analyst Matthew Blair told Reuters this week.
Marathon Petroleum Corp. (MPC) said this week it expects crude oil import capacity at its 13 refineries to reach 90% of 3 million barrels per day in the third quarter, down from 97% in the second quarter, and Valero Energy Corp. (VLO ) will reduce processing rates as output rose to about 2.86 million bpd from 3 million bpd last quarter, and Phillips 66 (PSX) plans to run its plants at 98% of their highest capacity in five years in the second quarter. Operating at % capacity.
vitality(NYSE:XLE), represented by the Energy Select Sector SPDR Fund ETF, was the second-best performing stock in the stock market this week. +1.1%.
Top 10 gainers in energy and natural resources over the past 5 days: Indonesian Energy (INDO) +41.5%Ecological wave energy (WAVE) +24.1%Pampa Energy (PAM) +19.3%gas carrier (TGS) +18.8%Comstock Resources (CRK) +17.9%European Ocean (ESEA) +16%Calumet Special Products (CLMT) +15.2%NRG Energy (NRG) +14.7%Vesta Energy (VIST) +14.2%Seanergy Maritime (SHIP) +13.8%.
Top 5 Energy & Natural Resources Losers Over the Past 5 Days: NextDecade (NEXT) -40.1%ProFrac Holdings (ACDC) -25.4%Montauk Renewables (MNTK) -24.6%New Fortress Energy (NFE) -24.1%Green Plains (GPRE) -22.4%.
Source: Barchart.com
