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Crude oil reached a six-month high on Wednesday, lifted by a significant drop in oil inventories ahead of the summer driving. US sweet crude for July delivery closed yesterday at $62.26 per barrel; the first time the commodity closes above this level since November 10, 2008.
As crude prices edge higher helped by a weakening dollar, which fell to its lowest level since early January on Tuesday boosting demand for dollar-denominated commodities, the S&P 500 Energy sector has nearly erased most of its losses for the year, trading down 0.66% YTD as of yesterday's close.
However, the trade is reversing today, as the dollar gains some strength, and crude [US@CL.1
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] prices pull back.
As of yesterday's close, crude oil prices were up 83.23% since their lowest close this year of $33.98 on February 12. Will upward momentum on crude futures continue as hopes of a healing economy emerge? If so, a look at the S&P 500 energy group might provide some guidance to investors seeking to place bets on crude prices moving higher.
Three out five subgroups within the the S&P 500 Energy sector have posted gains greater than 14% year-to-date. Leading the gains, the S&P 500 Oil & Gas drilling group has jumped 31% in 2009, followed by the Gas & Equipment and Gas Exploration groups with gains of 30%, and 14%, respectively.
The following table provides a sample of some of the biggest-percent-gainers YTD from these leading subgroups in the S&P 500 Energy sector.
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At the pump, the AAA current national price for regular gas is $2.362 per gallon, down about 38% from a year ago.
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Data is a real-time snapshot *Data is delayed at least 15 minutes