- Energy stocks (XLE +1.7%) sprint to the top of today's S&P sector standings after Iran shot down a U.S. military drone it claimed was over its airspace.
- Crude oil gains are accelerating, with WTI +4.1% to a three-week high $55.98/bbl and Brent +2.8% to $63.57/bbl, also supported by expectations that the Fed could cut interest rates at its next meeting and data out yesterday that showed that U.S. crude supplies fell.
- Minutes ago, Pres. Trump tweeted that Iran had "made a very big mistake!"
- Among early movers: XOM +1.7%, CVX +1%, RDS.A +2.1%, BP +2.2%, COP +2.1%, HAL +4.2%, SLB +4.1%, CRZO +6.4%, WLL +6.2%, SWN +5.8%, RRC +5.6%, NBL +5.3%, CHK +4.9%, HFC +4.7%, DVN +3.7%, NOV +3.7%, MRO +3.6%, PSX +3.5%, HES +3.2%.
- ETFs: USO, OIL, UWT, UCO, VDE, XOP, DWT, ERX, OIH, SCO, BNO, GASL, FCG, DBO
Soaring oil prices push energy names to sharp early gains
Energy Select Sector SPDR® Fund ETF (XLE), XOM Stock, CVX Stock, SHEL Stock, BP Stock, COP Stock, HAL Stock, SLB Stock, SWN Stock, RRC Stock, CHK Stock, DINO Stock, DVN Stock, NOV Stock, MRO Stock, PSX Stock, HES Stock, USO, OIL-OLD, UWT, UCO, VDE, XOP, DWT, ERX, OIH, SCO, BNO, GASL, FCG, DBOCarl Surran, 66 Comments