Weekly Portfolio Update, August 13 2023
More strong earnings reports and drill results
It was a good week on multiple levels. Starting with some sector news:
Oil up on record demand forecast, 7th straight weekly gain
Oil prices edged higher on Friday after the International Energy Agency forecast record global demand and tightening supplies, propelling prices to the seventh straight week of gains, the longest such streak since 2022.
Brent crude futures rose 19 cents, or 0.22%, to settle $86.59 a barrel, while U.S. West Texas Intermediate (WTI) crude futures gained 22 cents, or 0.27%, to settle at $83.05. On a weekly basis, both benchmarks rose about 0.5%.
The IEA estimated that global oil demand hit a record 103 million barrels per day in June and could scale another peak this month.
Meanwhile, output cuts from Saudi Arabia and Russia set the stage for a sharp decline in inventories over the rest of 2023, which IEA said could drive oil prices even higher.