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Oil Prices Rebound As Market Gains Momentum

Friday July 7, 2016

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. Oil stocks down in 2017

(Click to enlarge)

- The MSCI World Energy Sector Index, which tracks 90 oil and gas companies, is set to post a second consecutive quarter of declines, according to Bloomberg.

- The 90 companies have lost a combined $115 billion in market value since April, a shocking deterioration that has corresponded with the new bear market for oil.

- The weak figures also show that the industry is entirely hostage to the price of oil – the severe spending cuts and efficiency gains aren’t enough to offset a 10 to 20 percent drop in oil prices.

- Only 17 of the 90 companies in the index saw their share prices rise this quarter.

2. Short selling likely peaked

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- The bear market for oil over the past month came as traders and speculators staked out an incredibly pessimistic position in oil futures.

- Short bets rose to the highest level in a nearly a year according to data for the week ending on June 27.

- But those bets likely ran their course as the increase came close to leveling off. Data is reported on a lag so it is still unclear what is currently…

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