While all 11 sectors on the ASX are red for this surprisingly bloody Thursday, the recently-very-volatile energy sector is actually the worst off, presumably as Brent Crude oil prices dip back below US$100/bbl.
While that’s generally good news for the market, it isn’t today – but it shows that, like uranium, sometimes oil investors can be fickle. The second worst-off sector, as of 1pm AEST, was Real Estate.
Of course, given its weight, the entire energy sector was brought down by Woodside, which was down -2.4% at 1pm; as was Santos.
Beach Energy, backed by WA billionaire and Seven West owner Kerry Stokes, was down -4.6%. While it’s generally just a brutal Thursday, it’s
However, the hugely popular Betashares Crude Oil Index ETF (OOO) is up seven tenths of a percent on Thursday, suggesting that ETF investors might be a different breed when it comes to overall energy volatility.
All in all, Brent prices were only down -0.7% in the last 24 hours; monthly, the benchmark is up 1.8% and it’s gained 51% this year. TradingEconomics forecasts the price to return back to an average of US$104/bbl in Q4.
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