Oil futures rise again while energy equities pause

U.S. crude oil futures (CL1:COM) settled higher, lifted by global supply cuts and signs of improving demand, yet the energy sector (-2.1%) is today's weakest performer after ending yesterday's session at its best level since early March.

June WTI crude, which expired at the end of the session, held ground above the price for the July contract, closing+2.1%at $32.50/bbl, while the most-actively traded July contract settled+1%to $31.96/bbl.

Futures prices traded in contango last month, when the May contract settled negative ahead of its expiration, but the move into backwardation "shows that there is both strong demand for physical crude... as well as available storage to take delivery," says Tyler Richey, co-editor at Sevens Report Research.

Meanwhile, the energy sector has lagged all day, with notable movers including FTI-6.3%, HES-5.4%, DVN-4.9%, NBL-4.9%, NOV-4.4%, BKR-4.4%, SLB-4%, OXY-3.8%, PXD-3.5%, MRO-3.4%.

ETFs: USO, XLE, UCO, XOP, VDE, OIH, BGR, GUSH, ERX

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