FANG - Energy stocks posting best month ever but crude rally needs cuts extended: At the Open

Energy stocks are sliding premarket as investors wait on a decision about output cuts from OPEC+ and assess the sector’s best month ever.The SPDR S&P Energy Sector ETF ([[XLE]], -1.2%) is off the most of the S&P sectors premarket But it’s up 35% for November, up 34% since the first vaccine efficacy data arrived.Equities have outperformed the commodity. Crude oil ([[CL1:COM]], -0.3%) is up 26% for the month. But it has moved above the important $45/barrel level during that time, even breaching $46 and hitting levels not seen since March.WTI futures are lower this morning with some uncertainty about whether OPEC+, meeting now, will extend its production cuts into 2021, which looked like a foregone conclusion recently.Countries like the UAE and Kazakhstan are against extending the cuts of 2M barrels per day agreed in April until other countries make up for their summer overproduction, or cheating. But the big guns, Saudi Arabia

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Energy stocks posting best month ever, but crude rally needs cuts extended: At the Open