Slavko Sereda/iStock via Getty Images
Benchmark crude oil prices rose on Friday to end the week at their highest levels this month, as economic indicators from China and the United States, the world's largest oil consumers, raised hopes of rising demand.
Oil prices also received support This week after the decline of the dollar and successive weekly declines in US crude inventories.
China reported a stronger-than-expected 6.7% jump in industrial production in April compared to last year, showing the scale of economic growth. Potential for stronger demand in the future Supporting oil prices, although the pace of retail sales gains unexpectedly slowed.
In the United States, data this week showed US consumer prices rose less than expected in April, which encouraged expectations of lower interest rates.
The US CPI number showing a slowdown in the inflation rate “restored some hopes among traders who believe that lower oil prices could boost economic activity, and that It should support oil pricessaid Naeem Aslam, Chief Investment Officer at Zaye Capital Markets Market monitoring.
Front-month Nymex crude (CL1:COM) for June delivery has ended +2.3% to $80.06 a barrel this week, including a 1% gain on Friday, July Brent crude (CO1:COM) closed. +1.4% to $83.98 per barrel over the week, with a 0.8% rise on Friday, the best settlement for both benchmarks since April 30.
Meanwhile, June natural gas trading from Nymex (NG1:COM) has ended. +16.6% For the week to $2.626 per million British thermal units, including Friday's gain of 5.2%, the best settlement value since January 26.
ETFs: (NYSEARCA:use), (BNO), (UCO), (SCO), (USL), (DBO), (DRIP), (GUSH), (NRGU), (USOI), (UNG), (BOIL), (COLD), (UNL), (FCG)
Biden administration this week He proposed ending coal leasing in the future On 13 million acres of federal land in the Powder River Basin, which straddles Wyoming and Montana and accounts for nearly half of all U.S. coal production.
American National Mining Association He criticized the proposal“Not only because it ignores the nation's continuing need for federal coal but because it also fails to recognize the Bureau of Land Management's multiple-use mandate under the Federal Land Policy and Management Act.”
The group says it is “outrageous” to propose ending new leases given strong demand for electricity and ongoing concerns about energy security.
Energy sector, as referred to by the Energy SPDR ETF (Energy Sector Select)NYSEARCA:XLE), the week is over +1.2%.
The top 10 energy and natural resources gainers in the past five days: US Gold Corp. (USAU) +40%,Power Delivery (PLUG) +26.9%NovaGold Resources (NG) +22.9%Piedmont Lithium (PLL) +22.8%ENVX +18%Hadbay Metals (HBM) +16.9%Endeavor Silver (EXK) +16.5%Taseko Mines (TGB) +16.4%Major Lithium Resources (FMST) +15.5%Hawaiian Electric (HE) +15.1%.
Top 5 Declines in Energy and Natural Resources in the Past 5 Days: Altus Power (AMPS) -13%Petrobras (PBR) -12%Northern European Oil Royalty Fund (NRT) -9.9%Future Fuel (FF) -9.1%Indonesia Energy (INDO) -8.8%.
Source: Barchart.com
