UNG - Oil rises ~5% on the week large-cap oil stocks rise ~15% as E&Ps stick to the plan

The first week of May brought a deluge of US energy earnings reports. While Q1 results generally exceeded Street expectations, near-term production and capital guidance was mixed. However, the sector uniformly stuck to shareholder return and long-term spending plans, driving equities higher.  No doubt, rising oil (USO) and natural gas (UNG) prices buoyed share price performance this week. However, a sustained commitment to shareholders in the face of political pressure has  been a driving force behind E&P share price performance. Diamondback (FANG), Pioneer (PXD) and Devon (DVN) all announced 10%+ shareholder returns this week. And the firm payout commitments, with a tailwind from commodity prices, drove the shares higher by 13%, 15% and 19% respectively on the week.  Looking ahead into Q2, underlying fundamentals are likely to improve. Oil prices are are up ~12% from Q1 averages, while US natural gas prices have risen almost 75%. Demand looks strong, with CVR

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Oil rises ~5% on the week, large-cap oil stocks rise ~15%, as E&Ps stick to the plan