SHEL - Energy stocks skyrocket with crude oil on OPEC+ production cut
2023-04-03 08:30:04 ET
- Energy stocks are rallying in European trading Monday following OPEC's surprise production cut announced over the weekend, with BP ( NYSE: BP ) +5.2% , TotalEnergies ( TTE ) +5.1% and Shell ( SHEL ) +4.9% in London.
- Oil and gas names advancing its the U.S. pre-market include Marathon Oil ( NYSE: MRO ) +7.3% , APA Corp. ( APA ) +6.9% , Halliburton ( HAL ) +6.7% , Schlumberger ( SLB ) +6.3% , Devon Energy ( DVN ) +6.3% , Occidental Petroleum ( OXY ) +6.2% , ConocoPhillips ( COP ) +5.1% , Pioneer Natural Resources ( PXD ) +4.8% , Exxon Mobil ( XOM ) +4.2% , Chevron ( CVX ) +4.2% .
- Among many smaller companies showing outsized pre-market gains: Ring Energy ( REI ) +8.4% , W&T Offshore ( WTI ) +8% , transocean ( RIG ) +7.7% , Talos Energy ( TALO ) +7.2% , Vermilion Energy ( VET ) +7% , Obsidian Energy ( OBE ) +6.5% , Crescent Point Energy ( CPG ) +6.5% .
- ETFs: ( NYSEARCA: XLE ), ( XOP ), ( VDE ), ( OIH ), ( DRIP ), ( GUSH )
- WTI front-month May crude oil ( CL1:COM ) +6.3% to $80.46/bbl, and June Brent crude ( CO1:COM ) +6.3% to $84.96/bbl.
- Winners from the OPEC+ cuts include Saudi Arabia, Warren Buffett and electric vehicle manufacturers, while losers include airlines and hopes for an economic soft landing, Logan Kane writes in an analysis newly published on Seeking Alpha .
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Energy stocks skyrocket with crude oil on OPEC+ production cut