Friday, August 11 2023 4:42 PM EDT
Oil price rise extended to week 7 for first time since June 2022
West Texas Intermediate Crude September contract rose to 7 this week.th It rose for the first time in a row since June 2022, and the international index, Brent, also rose for seven consecutive weeks.
Natural gas contracts rose 7.5% this week in September, the biggest weekly gain since mid-June.
Gasoline rose 6.5% this week, the biggest week since early March and the fourth week of gains in five.
The S&P 500 Energy Index was the best performer of the S&P 500’s 11 major sectors, gaining 3.5% this week. In comparison, the S&P 500 Healthcare Index gained 2.5% and the S&P 500 lost 0.3%.
See chart…
S&P 500 Energy vs S&P 500 this week.
— Scott Schnipper, Gina Francola
Friday, August 11 2023 2:48 PM EDT
Energy stocks suddenly lead the market that day, this week, this month, and this quarter
Don’t look now, but energy stocks were the best performing sector in the S&P 500 on Friday, this week, this month and this quarter. The group has outperformed both technology and the broader S&P 500 since June 30.
The S&P 500 Energy Index recently outperformed by 1.4% on Friday, 3.4% for the week, 2.5% in August and 9.9% since the start of the third quarter.
The Energy Select Sector SPDR fund performed even better, up about 1.6% on Friday, 3.4% for the week, 2.7% in August and 10.7% year-to-date in the third quarter.
Even better is the quarterly performance of the Van Eck Oil Services ETF, which rose 1.4% on Friday, up 2% week-to-date, and 1.4% in August, before gaining 21.2% in the third quarter.
See chart…
Comparison of Oil Services ETFs and S&P 500 High Tech Index from 30 June 2023 onwards.
Friday, August 11, 2023 9:59 AM EDT
Dollar Index Heads Positive for 4th Week in a Row
The dollar index rose about 0.3 percent to 102.78, nearing its highest level since August 8, when the index rose to 102.796.
The US dollar index against a basket of major currencies rose 0.6% on the week. That means it’s on a four-week upward pace for the first time since February 24.
— Ha Kyung Kim, Gina Francola
Friday, August 11, 2023 8:36 EDT
Producer Price Index rises more than expected in July
The Producer Price Index, which shows how much wholesalers pay for raw goods, rose 0.3% last month, better than expected. Economists polled by Dow Jones had forecast a 0.2% rise.
— Fred Imbert
