- U.S. crude oil futures fell for the third straight week, after OPEC+ sounded cautionary notes on the outlook for demand, and as traders consider the possibility of a release of crude from the Strategic Petroleum Reserve.
- In its latest monthly market report, OPEC lowered its forecast for oil demand growth this year by 160K bbl/day, saying soaring fuel costs and a global energy crunch are showing signs of hurting demand, and weaker than expected demand for oil in China and India is increasingly likely.
- WTI crude (CL1:COM) for December delivery ended the week -0.6% to end at $80.79/bbl, while natural gas (NG1:COM) plunged 13% to $4.791/MMBtu.
- ETFs: USO, UCO, SCO, BNO, DBO, USL, USOI
- The S&P 500 energy index (NYSEARCA:XLE) fell 1.7% this week for the sector's sharpest decline since early September.
- Meanwhile, President Biden was keeping investors guessing this week about what he might do to ease rising energy prices that are driving the worst inflation in 30 years, with U.S. retail gasoline prices poised to average more than $4 per gallon in three states for the first time in 13 years.
- "What this tells us is that behind the scenes in the White House, they're not quite sure what to do," Price Futures Group analyst Phil Flynn tells MarketWatch.
- The week's five biggest gainers in energy and natural resources: PPSI +155.1%, LTBR +36.1%, LEU +33.3%, BW +31%, MP +26.7%.
- The week's five biggest decliners in energy and natural resources: CNEY -65%, FSM -23.9%, TPIC -19.8%, TALO -19.3%, WPRT -18.4%.
- Source: Barchart.com