COM - Oil climbs to best levels since March crash on vaccine optimism

November, 24 2020 08:37 AM Direxion Auspice Broad Commodity Strategy

Crude oil (CL1:COM) trades at its highest level since March, and shares of oil companies are climbing in the pre-market as investors show confidence in the prospect of a reopening economy, with the demand outlook strengthening after a string of positive vaccine breakthroughs; January WTI +1.4% to $43.69/bbl, January Brent +1.2% to $46.60/bbl.WTI's discount to Brent (CO1:COM) has widened sharply in recent days amid expectations for OPEC+ to extend current production cuts into next year.Four of yesterday's top five gainers on the S&P 500 were in the oil and gas sector, and all are indicated sharply higher in today's pre-market: [[OXY]] +10.6%, [[APA]] +5.5%, [[FANG]] +5.2%, [[EOG]] +3.6%.The S&P energy sector (XLE) soared 7% yesterday and has jumped by a third this month.Meanwhile, Saudi Aramco confirms a fuel depot in Jeddah was attacked yesterday, causing a fire; Houthi rebels in Yemen claimed responsibility.The triggering of a formal transition process to U.S.

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Oil climbs to best levels since March crash on vaccine optimism

Company Name:	Direxion Auspice Broad Commodity Strategy
Stock Symbol:	COM
Market:	NYSE

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