SM - The Wild Week in Oil Stocks Continued on Friday This Time to the Upside
This week has been a volatile one for the oil sector. Oil stocks started the week on fire after OPEC and its partners agreed to extend their initial supply reduction rate until the end of July. However, the sector has cooled off since then after oil storage levels rose, and COVID-19 cases started spiking, causing concerns that demand might weaken. Those fears seem to be fading today, which is fueling another rally in the oil sector.
Shares of several oil producers were up by more than 10% by 12:30 p.m. EDT. Among the leaders were financially challenged shale drillers Chesapeake Energy (NYSE: CHK), Callon Petroleum (NYSE: CPE), SM Energy (NYSE: SM), Centennial Resource Development (NASDAQ: CDEV), and QEP Resources (NYSE: QEP).
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