US crude oil
From December 15–22, 2017, US crude oil (USO) (UCO) February futures rose 2%. On December 22, 2017, US crude oil February 2018 futures closed at $58.47 per barrel, just ~1% below the 2017 highest closing price.
For the week ended December 22, 2017, the oil rig count was 747, the same as the previous week. However, in the coming days, the oil rig count could move higher. Based on EIA (U.S. Energy Information Administration) weekly data, US crude oil production rose to its record high in the week ended December 15, 2017. Tax reforms could boost the rate at which US crude oil production could rise.
These factors are also important for the S&P 500 Index (SPY) and the Dow Jones Industrial Average Index (DIA). These equity indexes’ energy constituents react to the ups and downs in oil prices. We’ll include a few more equity indexes in the next part of this series.
From December 15–22, 2017, natural gas February futures rose 0.9%. However, on December 22, natural gas futures settled at $2.66 per MMBtu (million British thermal unit), just 3.8% above the 2017 lowest closing price. Last week, oversupply concerns could have limited natural gas’s upside.
In the seven calendar days to December 22, 2017, upstream stock Denbury Resources (DNR) was the largest gainer.
Hibbett Sports (HIBB) stock surged 22.3% as of 1:54 PM ET today as the company reported impressive results for fiscal 2019's fourth quarter, which ended on February 2.
Wall Street analysts expect a potential upside of 21.63% for Alexion Pharmaceuticals based on the stock's closing price on March 21.
Today, we got another round of dismal data points from Europe (VGK)(EZU). According to a Markit survey, Germany’s (EWG) March PMI Composite Output Index fell to a 69-month low of 51.5.
On March 21, US crude oil’s implied volatility was 24.9%, which was 6.7% below its 15-day average. Usually, lower implied volatility supports oil prices.
The overall cannabis sector took a hit today amid the broader market's declines. The volatility index (VIX) jumped 17.9%, and the cannabis sector is more sensitive than the market.
The tech-heavy NASDAQ Composite Index (QQQ) is on track to post its 12th weekly gain in 13 weeks.