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Crude oil prices ticked lower this week, as indications of strong Russian oil supply offset better than expected U.S. economic growth data and continued hopes of a recovery in Chinese demand.
Oil loadings from Russia’s Baltic ports are set to rise by 50% this month from December as sellers try to meet strong demand in Asia and benefit from rising global energy prices, Reuters reported.
Meanwhile, OPEC+ delegates meet next week to review crude oil production levels, but the group is expected to remain cautious with no change to current policy.
For the week, front-month Nymex crude (CL1:COM) for March delivery settled -2.4% to $79.68/bbl, and March Brent crude (CO1:COM) closed -1.1% to $86.66/bbl, the first loss for both benchmarks after back-to-back weekly gains.
ETFs: (NYSEARCA:USO), (BNO), (UCO), (SCO), (DBO), (DRIP), (GUSH), (USOI), (NRGU)
Chevron (NYSE:CVX) shares stumbled 4.3% Friday after the second largest U.S. oil company posted its highest-ever annual profit in 2022 but Q4 earnings came in below Wall Street estimates, hurt by higher costs and lower prices for refined products.
Earlier this week, the company raised its dividend and said it would triple its spending on stock buybacks to $75B over five years, which prompted fresh criticism from the Biden White House.
For the full week, Chevron (CVX) shares lost less than 1%, a little worse than the broader oil and gas sector (NYSEARCA:XLE), which gained less than 1%.
Top 5 gainers in energy and natural resources during the past 5 days: (CNEY) +132%, (ODV) +19.7%, (GLOP) +19.4%, (NRGV) +18.5%, (MSB) +17%.
Top 5 decliners in energy and natural resources during the past 5 days: (VOC) -19.6%, (NINE) -12.2%, (TUSK) -12.2%, (MAG) -11.5%, (GPOR) -11.5%.
Source: Barchart.com
