Crude oil prices fell this week, as strong Russian oil supply offset better-than-expected US economic growth data and continued hopes of a rebound in Chinese demand.
Oil shipments from Russia Baltic ports are set to rise 50% this month from December, as sellers look to meet strong demand in Asia and benefit from rising global energy prices.
Meanwhile, OPEC+ representatives will meet next week to review crude oil production levels, but the group is expected to proceed cautiously with no changes to current policy.
For the week, first-month Nymex crude (CL1:COM) sat on March delivery. -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 tumbled 4.3% after the second-largest U.S. oil company posted its biggest 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 the stake and said it would triple its spending on stock buybacks to $75 billion over five years, prompting fresh criticism from the Biden White House.
For the entire week, shares of Chevron ( CVX ) lost less than 1%, slightly worse than the broader oil and gas sector (NYSEARCA: XLE), which received less than 1%.
Top 5 gainers in energy and natural resources in the last 5 days: (CNE) + 132%(ODV) + 19.7%(GLOP) + 19.4%(NRGV) +18.5%(MSB) +17%.
Top 5 Energy and Natural Resource Deniers in the Last 5 Days: (VOC) -19.6%(nine) -12.2%(TUSK) -12.2%(MAG) -11.5%(GPOR) -11.5%.