Energy stocks sizzle as crude closes historic weekly run at 13-year high

Key Facts

• SlavkoSereda/iStock via Getty Images Shares of oil and gas companies (NYSEARCA:XLE) soared 9.3% this week, marking the sector's biggest weekly gain since October 2018, as crude oil prices rocketed past $115/bbl for the highest weekly dollar increase on record, sparked by fears of a major supply crunch from Russia's invasion of Ukraine.
• Front-month WTI crude (CL1:COM) settled +7.4% on Friday to $115.68/bbl, the highest closing price since September 2008 and capping a stunning $24/bbl, or 26%, gain for the week, as the brutality of Russia's invasion became clear.
• Morgan said this week that Brent crude could end the year at $185/bbl if Russian supply remains disrupted, and Goldman Sachs sees oil reaching $150 in the next three months without Russian barrels on the market.
• Even as news reports said a renewed nuclear deal with Iran was near that might allow the country to resume exporting, investors remained focused on the global scramble for barrels of oil.

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