Oil adds to week's sharp loss as rollover of OPEC output cuts may meet resistance

seekingalpha05-04

Oil prices posted their steepest weekly loss in three months, as the market, already concerned about weakening demand, coped with mounting speculation that OPEC's June meeting could expose cracks in ...

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Bull 2X Shares","SRL":"Scully Royalty","UCO":"二倍做多彭博原油ETF","AMPS":"Altus Power","UNG":"美国天然气基金","ACDC.AU":"GLOBAL X BATTERY TECH & LITH","BK4213":"石油与天然气的勘探与生产","UNL":"United States 12 Month Natural Gas Fund LP","USL":"United States 12 Month Oil Fund LP","DBO.AU":"Diablo Resources Limited","SMLP":"Summit Midstream Partners","ENVX":"Enovix Corporation","BK4138":"石油与天然气的炼制和营销","BK7506":"金矿股","BEP":"Brookfield Renewable Partners LP","UNL.AU":"Unitednetworks","LU0823414478.USD":"法巴经典能源转换基金","BEPC":"Brookfield Renewable Corp.","SCO":"二倍做空彭博原油指数ETF","FCG":"First Trust Natural Gas ETF","BK7124":"保健护理服务","BK7067":"生物科技","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","FLNC":"Fluence Energy, Inc.","TPIC":"TPI Composites, Inc.","BNO":"美国布伦特原油基金有限合伙企业","XLE":"SPDR能源指数ETF","USO":"美国原油ETF","USOI":"X-Links Crude Oil Shares Covered Call ETN","BK4542":"充电桩","CRML":"CRITICAL METALS CORPORATION","CVI":"CVR能源","DRIP":"Direxion Daily S&P Oil & Gas Exp. & Prod. 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When the UAE \"brings 200,000 barrels extra to the table, that raises their baseline,\" Mizuho's Robert Yawger told Dow Jones. \"It's no coincidence they pushed that number out there a month before the meeting.\" Most sources have indicated that OPEC+ could extend its voluntary oil output cuts beyond June if demand does not increase. Oil futures already were sliding this week after the U.S. Energy Information Administration reported a 7.3M-barrel build in crude stocks, the largest weekly increase since February, and the Fed reiterated its reluctance to cut interest rates any time soon. Front-month Nymex crude (CL1:COM) for June delivery lost 1% on Friday and finished -6.8% to $78.11/bbl for the week, and front-month July Brent crude (CO1:COM) lost 0.8% Friday and closed the week -5.9% to $82.96/bbl; for both benchmarks, it was the largest one-week percentage decline since the week ending February 2. But front-month June Nymex natural gas (NG1:COM) gained 5.2% on Friday and was +11.4% for the week to $2.142/MMBtu, its first weekly gain in four weeks, supported by lower production and higher power-sector demand with parts of the U.S. heating up. ETFs: (NYSEARCA:USO), (BNO), (UCO), (SCO), (USL), (DBO), (DRIP), (GUSH), (NRGU), (USOI), (UNG), (BOIL), (KOLD), (UNL), (FCG) \"There's \"concern about demand in the U.S. where commercial crude inventories have been building more than expected,\" and as the rate at which refiners process crude to crude products has dropped noticeably, said City Index and Forex.com analyst Fawad Razaqzada, according to Marketwatch. Data showing a second straight significant weekly drop in the number of active U.S. oil rigs provided little support for oil prices Friday, even if the decline implies a potential slowdown in future production. The energy sector, as indicated by the Energy Select Sector SPDR ETF (XLE), was this week's worst performer, -3.3%. Top 10 gainers in energy and natural resources in the past 5 days: Enovix (ENVX) +56.2%, TPI Composites (TPIC) +34.5%, Blink Charging (BLNK) +25.6%, Fluence Energy (FLNC) +24%, Brookfield Renewable (BEPC) +21.7%, Brookfield Renewable Partners (BEP) +20.8%, Altus Power (AMPS) +20.1%, North European Oil Royalty Trust (NRT) +19.9%, Dynagas LNG Partners (DLNG) +17.9%, Summit Midstream Partners (SMLP) +17.3%. Top 5 decliners in energy and natural resources in the past 5 days: Critical Metals (CRML) -16.8%, Profrac Holding (ACDC) -15.4%, CVR Energy (CVI) -11.2%, Obsidian Energy (OBE) -11.1%, Scully Royalty (SRL) -11.1%. Source: Barchart.com","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":1,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2432640154"}