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The Energy Sector Remains the Worst Performer for the Year
ETF top story for the week of May 29 to June 2, 2023.
WTI crude oil prices dropped 1.28% week-over-week only to rebound above $71.5/bbl after the Senate approved the bipartisan legislation to lift the debt ceiling. Gains were restrained, however, due to official data revealing an unexpected growth of approximately 4.5 million barrels in U.S. crude inventories over the course of the week.
This data hints at an elevated supply and softening demand, even as the travel-intensive summer season commences. And it’s against this backdrop that Saudi Arabia announced further voluntary cuts at the OPEC+ June 4th meeting. OPEC+ also revealed its intention to cap the collective output of oil at 40.463 million barrels per day throughout the period spanning January to December 2024. These decisions are expected to push oil prices higher and provide a floor for the coming months.
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On the natural gas front, prices continue to decline due to low consumption and ample supply. Global gas consumption already experienced a historic drop of 1.6% in 2022 with the war in Ukraine and disruptions in the supply of Russian gas to Europe, with warmer winter temperatures continuing to hurt demand in 2023. Meanwhile, U.S. gas production is set to hit a record high. Since the beginning of this year, the price of natural gas has plummeted by nearly 50%.
The S&P energy sector was up 1.31% for the week ahead of the OPEC+ meeting in Vienna but remains in the red year-to-date (-9.21%). This is the biggest drag on the broader market so far.
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Please note this article is for information purposes only and does not in any way constitute investment advice. It is essential that you seek advice from a registered financial professional prior to making any investment decision.
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