$WTI原油主連(2406)(CLmain.US)$U.S. crude oil futures closed above $83/bbl in New York for the ninth straight weekly increase, the longest such winning streak since at least 1983, as rising consumption increasingly races ahead of supply. WTI crude for December delivery closed +1.5% to settle at $83.76/bbl, and December Brent crude finished +1.1% at $85.53/bbl. The front-month WTI contract jumped 2.6% for the week, while Brent posted a 0.9% weekly increase, but it was the ninth straight winning week for both benchmarks. ETFs: USO, UCO, SCO, BNO, DBO, USL Oil and gas sector stocks$能源指數ETF-SPDR(XLE.US)$also rose again for the week, +0.9%. Global oil inventory levels "remain tight as demand growth remains firm but production growth lags," IHS Markit analyst Marshall Steeves says. The oil market is "correctly pricing very tight conditions, and conditions that will get tighter," BNP Paribas' David Martin says. "We're going to draw stocks this quarter and next." Stockpiles at the Cushing storage hub, the biggest such facility in the U.S., are draining to critically low levels that could push crude prices even higher. The week's five biggest gainers in energy and natural resources:$帕米亞盆地皇室信托(PBT.US)$+35.7%,$Natural Resource(NRP.US)$+22.2%,$CN Energy(CNEY.US)$+21.9%,$San Juan Basin Royalty Trust(SJT.US)$+20.3%,$貝利石油(BRY.US)$+19.3%. The week's five biggest decliners in energy and natural resources:$Altus Midstream Co(ALTM.US)$-22.7%,$DNOW Inc(DNOW.US)$-16.6%,$NACCO Industries(NC.US)$-15.9%,$凱撒鋁業(KALU.US)$-14.8%,$HighPeak Energy(HPK.US)$-14.5%.
Bad advice from a friend
Supply crunch pushes crude oil to record ninth straight weekly gain
WTI crude for December delivery closed +1.5% to settle at $83.76/bbl, and December Brent crude finished +1.1% at $85.53/bbl.
The front-month WTI contract jumped 2.6% for the week, while Brent posted a 0.9% weekly increase, but it was the ninth straight winning week for both benchmarks.
ETFs: USO, UCO, SCO, BNO, DBO, USL
Oil and gas sector stocks $能源指數ETF-SPDR(XLE.US)$ also rose again for the week, +0.9%.
Global oil inventory levels "remain tight as demand growth remains firm but production growth lags," IHS Markit analyst Marshall Steeves says.
The oil market is "correctly pricing very tight conditions, and conditions that will get tighter," BNP Paribas' David Martin says. "We're going to draw stocks this quarter and next."
Stockpiles at the Cushing storage hub, the biggest such facility in the U.S., are draining to critically low levels that could push crude prices even higher.
The week's five biggest gainers in energy and natural resources: $帕米亞盆地皇室信托(PBT.US)$ +35.7%, $Natural Resource(NRP.US)$ +22.2%, $CN Energy(CNEY.US)$ +21.9%, $San Juan Basin Royalty Trust(SJT.US)$ +20.3%, $貝利石油(BRY.US)$ +19.3%.
The week's five biggest decliners in energy and natural resources: $Altus Midstream Co(ALTM.US)$ -22.7%, $DNOW Inc(DNOW.US)$ -16.6%, $NACCO Industries(NC.US)$ -15.9%, $凱撒鋁業(KALU.US)$ -14.8%, $HighPeak Energy(HPK.US)$ -14.5%.
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