Energy stocks rip higher as OPEC supply cut extension adds to confidence
Dec. 01, 2017 11:16 AM ETCalifornia Resources Corporation (CRC)RRC, UCO, XLE, IYE, OIH, VDE, APA, BP, XOM, PXE, PXJ, TTE, CVX, NBR, NE, SHEL, USO, IEO, IEZ, XES, XOP, OIL-OLD, BGR, FIF, RYE, DBO, DUG, DIG, FXN, SM, USL, DDG, DTO, OLO-OLD, ERY, ERX, SCO, DNO, BNO, WPX, FANG, NDP, FENY, SNEC, CRCQW, CRAK, GUSH, DRIP, NANR, OILX, JHME, ERYY, ERGF, OILK, FTXN, UWT, DWT, WTID-OLD, WTIU-OLD, USOI, SZOXF, VAL, OILBy: Carl Surran, SA News Editor45 Comments
- Energy leads the way among S&P sector gainers as WTI crude +2.2% to $58.70/bbl and Brent crude +2.4% to $64.16/bbl after OPEC and Russia agreed to prolong production cuts through the end of 2018.
- "OPEC and the cooperating countries have created a very high level of confidence that they are standing behind the oil market, that they're going to drive the inventories further down," says SEB Markets chief commodities analyst Bjarne Schieldrop. "They gave a very serious and trustworthy appearance yesterday and that is taking away a lot of the downside in the market."
- Among today's top gainers in the oil and gas group: CRC +10%, QEP +8%, ESV +8%, SN +8%, SM +7%, NE +7%, QEP +7%, APA +6%, NBR +5%, RRC +4%, WPX +4%.
- But the global supermajors are lagging: XOM -0.1%, CVX +0.5%, RDS.A +0.2%, BP -0.1%, TOT +0.4%.
- ETFs: USO, XLE, OIL, UWT, UCO, VDE, DWT, ERX, XOP, SCO, OIH, BNO, DBO, ERY, DIG, DTO, BGR, XES, USL, FENY, DUG, IYE, GUSH, IEO, DRIP, FIF, DNO, IEZ, PXE, NDP, OLO, RYE, SZO, PXJ, FXN, OLEM, CRAK, DDG, NANR, OILK, WTIU, OILX, WTID, USOI, JHME, ERYY, FTXN, ERGF