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Oil futures ended the week little changed as lingering concerns about China’s demand outlook and easing geopolitical risks offset economic data that showed slowing inflation and solid retail sales hinted at resilient consumer spending.
“it is “It’s been a volatile week for the oil market, with fears of supply disruptions due to the escalating Middle East war on the one hand, and slowing growth in China forcing revisions to demand forecasts on the other,” energy consultant Andrew Lipow told Reuters.
In the Middle East, two days of reported progress in talks between Israel and Hamas to seek a ceasefire and the release of hostages in the Gaza Strip is expected to delay Iranian attacks on Israel, which have recently increased the risk premium for crude oil prices.
“If the situation in the Middle East does not worsen any further, Crude oil prices remain stable“Comerzbank analysts noted:
Chinese data released this week showed the country’s economy lost momentum in July, and weak fuel demand led the country’s refineries to sharply cut crude processing rates last month.
This week, both OPEC and the International Energy Agency lowered their forecasts for oil demand growth, citing weakness in China.
However, oil prices were supported by a set of data released from the United States in July, with the Consumer Price Index increasing 2.9% year-on-year and the Producer Price Index increasing 0.1%.
September NYMEX Crude Oil (CL1:COM) trading ends -0.2% Crude oil futures prices fell to $76.65 per barrel for the week, including a 1.9% drop on Friday, while Brent crude oil (CO1:COM) for October delivery ended the week essentially flat at $79.68 per barrel, including a 1.7% drop on Friday.
Also this week, the September NYMEX natural gas (NG1:COM) contract closed. -0.9% It fell 3.3% to $2.123/MMBtu on Friday.
ETF: (USO), (BNO), (UCO), (SCO), (USL), (DBO), (DRIP), (GUSH), (USOI), (UNG), (BOIL), (KOLD), (UNL), (FCG)
Energy (NYSEARCA:XLERepresented by the Energy Select Sector SPDR Fund ETF) closed over the weekend. +1.2%.
Top 10 Energy and Natural Resources Stock Gains Over the Last 5 Days: Skeena Resources (SKE) +46.7%Perpetua Resources (PPTA) +43.4%Future Fuel (FF) +30.5%Osisko Development (ODV) +27.4%Prime Energy (PNRG) +22.6%Collective Mining (CNL) +21.3%I Am Gold (IAG) +18.7%New Gold (NGD) +17.9%Lithium Americas (LAC) +17.3%Orla Mining (ORLA) +17.2%.
Top 5 Energy and Natural Resources Stock Gains Over the Last 5 Days: Zeo Energy (ZEO) -17.6%Hawaiian Electric (HE) -13.7%Piedmont Lithium (PLL) -10.5%Compass Minellus (CMP) -9.8%Verde Clean Fuels (VGAS) -9.7%.
Source: Barchart.com
