The year 2022 has been a rollercoaster ride for the broader markets, economy, and oil. After gaining rapidly amid the Russian invasion of Ukraine at the beginning of the year prices have been on a gradual correction path and are hovering at the present $79.45 level.
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Successive mega rate hikes from the U.S. Fed, weakening consumer sentiment and a constant COVID-19 scare from China have ensured the black gold remained subdued throughout this year.
Natural gas though is still up nearly 34% so far this year despite the price weakness in recent months. Prices continue to hover at the $5.1 level at present.
The outlier despite this gloom has been Occidental Petroleum (OXY), which has gained about 105% so far this year after the Oracle of Omaha, Warren Buffett, took a shine for OXY shares.
The Energy Select Sector SPDR ETF (XLE) too is up 23.2% over the past six months.
Here are related tickers for this article:
- United States Oil Fund LP (USO)
- ProShares Ultra Bloomberg Crude Oil (UCO)
- United States Natural Gas Fund LP (UNG)
- Cheniere Energy (LNG)
- ConocoPhillips (COP)
- Chevron (CVX)
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