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Libya and US Crude Oil Inventories Could Impact Oil Futures

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Libya and US Crude Oil Inventories Could Impact Oil Futures PART 1 OF 5

S&P 500 and Crude Oil Futures Moved in Opposite Directions

S&P 500’s performance

The S&P 500 fell ~0.7% to 2,711.45 on May 15 due to the rise in the ten-year US Treasury yield. The ten-year US Treasury yield is at the highest level since July 2011. The ten key sectors in the S&P 500 declined on May 15.

The SPDR S&P 500 ETF (SPY) fell 0.7% to $271 on May 15. SPY aims to track the performance of the S&P 500 Index.

S&#038;P 500 and Crude Oil Futures Moved in Opposite Directions

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S&P 500’s sectoral performance  

The real estate, healthcare, and technology sectors fell 1.7%, 1.3%, and 0.9%, respectively, on May 15. These sectors pressured SPY the most on May 15.

The energy sector, which accounts for ~6.3% of the S&P 500 Index, fell 0.1% on May 15. The Energy Select Sector SPDR ETF (XLE) fell ~0.1% to $77.2 on May 15. XLE represents the S&P 500 Index’s energy sector.

The sentiment in the commodity and equity markets could impact each other depending on the magnitude of the moves and various fundamental factors affecting each market.

Commodities 

June US crude oil futures contracts rose 0.5% to $71.31 per barrel on May 15. Prices rose due to the improving global oil demand outlook and geopolitical tensions. The S&P 500 and US crude oil futures moved in the opposite direction on May 15. The United States Oil ETF (USO) rose 0.1% to $14.4 on May 15. USO aims to track active WTI oil futures’ performance.

June US natural gas futures fell 0.2% to $2.83 per MMBtu on May 15. Prices are near a three-month high. The expectations of a warm weather forecast are driving natural gas prices higher. The United States Natural Gas ETF (UNG) was flat at $23.13 on May 15. UNG seeks to follow active natural gas futures’ performance.

The iShares S&P GSCI Commodity-Indexed Trust (GSG) fell 0.1% to $17.9 on May 15. GSG seeks to track an index composed of a diversified group of commodities futures.

Series overview 

In this series, we’ll discuss the API’s US crude oil and gasoline inventories. We’ll also discuss the US Dollar Index and Libya’s crude oil production.

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