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Energy stocks start to grow even as crude oil prices are low (NYSEARCA:XLE)

Commodity energy market data analysis: on-screen charts and quotes.  US WTI crude oil price analysis.  Incredible discounts over the last 20 years.

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Energy industry (NYSEARCA:XLE) rose 3.7% this week, its biggest weekly gain since late May, even as crude oil prices ended flat after consecutive weekly declines, like a summer. rise Gasoline inventories in the US reflect weakening energy demand.

It’s a surprising sign of softer demand in the middle of the US summer driving season, suggesting high prices at the pump are starting cause demand destruction among consumers.

The slide in the price of RBOB gasoline, and concerns around the destruction of gasoline demand, also added pressure on crude, because “if refineries don’t need to produce gasoline, then they don’t need crude oil. raw material to produce gasoline,” said Mizuho Securities’ Robert Yawger.

But despite the worrisome signs on crude demand, “Oil market is still very tight and don’t allow WTI crude to break below mid-US$90,” according to Oanda’s Ed Moya.

Nymex crude oil delivered last month (CL1: COM) for September delivery ended the week + 0.1% to $94.70 per barrel, the lowest settlement value since April 11, while September Brent crude oil prices (CO1: COM) closed +2% for the week at $103.20/bbl.

Meanwhile, the Henry Hub natural gas contract (NG1: COM) rose 18.3% for the week to $8,299/MMBtu, as some of the hottest weather on record in the US and Europe helped demand.

ETFs: (USO), (UGA)

Top 10 gainers in the energy and natural resources sector over the past 5 days: (BATL) + 30.3%(SBOW) + 27%(SLI) + 24%(SMR) + 23.1%(PBT) + 22.5%(NRT) + 19.7%(WFG) + 19%(END) + 18.8%(IREN) + 16%(TELL) + 15.7%.

The 3 biggest declines in energy and natural resources in the past 5 days: (NRGV) -17.4%(MOTHER) -9.9%(BKR) -9.7%.

Source: Barchart.com

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