Don Dion's Weekly ETF Winners and Losers

NEW YORK (TheStreet) -- Strong earnings from Google(GOOG Quote) and Goldman Sachs(GS Quote) didn't do enough to lift the technology and finance sectors.

Energy was last week's leader thanks to a slide in gasoline inventories during an overall bullish week. The S&P 500 Index climbed 1.5% for the week.

General Electric(GE Quote) and Bank of America(BAC Quote) sank the market Friday and knocked the Dow below 10,000 for most of the day. The Dow fought back in the last hour of trading and finished less than five points away from the five-digit level.

Winners

iPath Crude Oil ETN(OIL Quote) +9.1%

PowerShares DB Energy(DBE Quote) +8.8%

iShares Dow Jones U.S. Oil Equipment(IEZ Quote) +6.1%

First Trust ISE-Revere Natural Gas(FCG Quote) +6.2%

A large decline in gasoline inventory on Thursday, instead of the increase expected by the analysts, led to a pop in crude oil prices and the stocks of refiners such as Tesoro(TSO Quote) and Valero(VLO Quote) Refinery utilization is down and should lead to a few more weeks of draw-downs.

Natural gas equities rode the equity bull this week, as natural gas prices fell and United States Natural Gas(UNG Quote) earned a spot on my list of the weekly losers.

Market Vectors Steel(SLX Quote) +4.4%

Korean steelmaker Posco(PKX Quote) was up 10% this week at one point, thanks to a positive earnings outlook. At 6.35% of SLX, the move delivered more than a 0.5% increase in shares of SLX.

Gerdau (GGB Quote) increased slightly more than PKX, and its 5.85% allocation meant it delivered a similar boost to returns.

PowerShares DB Agriculture(DBA Quote) +5.1% Short covering lifted the grains this week. DBA is down from over $28 a share in June to the $26 and change on Friday, but the gains were tempered on Friday as the rally lost steam.