Oil prices rise to open the week, lifting energy to top of S&P leaderboard
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Energy (NYSEARCA:XLE) easily leads Monday's S&P sector standings, +3.1% as U.S. oil futures rise to start the week while remaining below $100/bbl, supported by a slightly weaker U.S. dollar and improving equity markets.
September WTI crude (CL1:COM) +1.7% at $96.34/bbl, while September Brent (CO1:COM) also +1.7% at $104.96/bbl.
Eleven of the day's top 15 gainers on the S&P 500 are in the oil and gas group: (APA) +5.9%, (FANG) +5.8%, (PXD) +5%, (MRO) +5%, (HES) +4.4%, (VLO) +4.3%, (OXY) +4.2%, (EOG) +4.1%, (DVN) +3.8%, (COP) +3.5%, (CTRA) +3.3%.
ETFs: (XLE), (XOP), (VDE), (IEO), (OIH), (NYSEARCA:USO), (UCO), (SCO), (USL), (DBO), (USOI), (NRGU), (OILK), (OLEM)
Stockpiles in the U.S. Strategic Petroleum Reserve fell by 5.6M barrels to 474.5M barrels, the lowest since June 1985, in the week ending July 22.
The oil futures market continues to signal tight crude supplies, with earlier dated contracts trading at a significant premium to later contracts.
On the other hand, rising inventories for gasoline have weighed on crude, signaling that the earlier jump to record pump prices had helped to reduce demand.