Business News Asia
The shares of the major oil and gas producers moved mostly in the red this week. This could be mainly due to the general market sentiment, as all major U.S. indexes have experienced a downturn this year. The S&P 500 was down 5.18% this week (-8.31% YTD), the DOW was down 4.81% this week (-6.34% YTD) and the NASDAQ was down 6.38% (-13.04% YTD).
It doesn’t help that crude oil prices have climbed to their highest level in 7 years. WTI crude oil closed this week at $84.84 per barrel. BRENT crude oil closed at $87.74 per barrel. This brings oil prices close to the $90 mark again. What pushed the oil prices towards the end of the week were also the U.S. crude oil inventory which had unexpectedly increased last week by 500k barrels.
The large oil producers had to therefore also partially weaken this week, but remain YTD mostly in double-digit plus. Over 1 year, most could make large jumps partly over 50%.
|Name||Ticker||Price||%YTD||Week %||% 1Y|
|Canadian Natural Res.||CNQ||$50.79||20.21%||1.03%||106.13%|
|Royal Dutch Shell||RDS-A||$48.65||12.10%||-1.20%||22.39%|
|TC Energy Corporation||TRP||$50.09||7.63%||-1.59%||10.60%|
|Duke Energy Corp.||DUK||$102.98||-1.83%||-1.12%||14.19%|
Chevron Corporation (CVX) will report Q4 2021 quarterly results next week, which investors should watch for.
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