Oil futures settled lower on Friday, but logged gains for the week as Hurricane Delta neared landfall on the U.S. Gulf Coast. Jared Blikre breaks down the U.S. benchmark's price action on The Final Round.
JEN ROGERS: Hurricane Delta now a Category 2 storm, expected to make landfall. Of course, this has been a historic season. Delta, the tenth named storm to make landfall in the US this season. And it is hitting oil and crude. We've been watching the energy sector today. And Jared Blikre has more on that. Jared?
JARED BLIKRE: Yeah, this is just an incredible hurricane season. You have to go back to 2005 to get to the last time-- in fact, it was the only time before this where we ran out of letters in the alphabet. And, by the way, we are eight weeks ahead of 2005. So this could be a record season.
But let's take a look at the YFi interactive. And we can see-- this is our commodities heat map-- crude oil off about 1.7% today, but on the weak holding some gains, up 3%. On a longer term basis-- let's go to a six month chart here-- we can see we've just been consolidating for the most part for several months between $36 and about $42, $43 to the upside. So nothing big news there. We'd have to move out of this range otherwise.
Well, let's take a look at the energy heat map. And we can see it's mostly in the red now, had been green on the open, but some of the majors giving back gains from yesterday. Yesterday was a huge day for energy.
Exxon is down about 1 and 1/2%. CV, Chevron down a little bit less than that. We can see over the last six months has not been pleasant for Exxon. But this week in particular, not bad. It's still up about 5% after having that big day yesterday.
Let's take a look at the general market here. And this is the Dow today. And really not a lot going on. We do have above-average volume.
And I will say that breadth is not particularly good today. It's about even. So even though we're advancing in the major indices, S&P is up 3/4 of a percent today. If you look at all the stocks in the S&P 500 and the New York Stock Exchange, kind of split there.
Although for the week, breadth is ending on a good note. We did have a record high yesterday in the advance decline lines there. So S&P 500 up 3.7% now. And you-- we'll look at a two-month chart here, marching right back up to these record highs, around 3,600, that we saw at the beginning of September here.
Just one more thing-- we're checking in on volatility. The VIX down by 25, first time we dipped below 25 today in over a month, been about six weeks. So we'll be watching that into the close.
JEN ROGERS: All right, thanks, Jared.