Sector Briefing: Energy

All eleven sectors remain in positive territory with four up at least 1.0%, including energy (+2.0%).

Key factors driving today’s performance include:

  • Support from an extension of crude oil’s rebound off its lowest level since mid-January. WTI crude is up $2.66, or 3.2%, at $86.20/bbl, narrowing this week’s loss to $0.60 or 0.7%.
  • Strong showing from top components like Chevron (CVX 158.41, +2.46, +1.6%), ConocoPhillips (COP 111.31, +2.99, +2.8%), and EOG Resources (EOG 122.55, +4.24, +3.6%) and gains in all remaining components helping the sector return into positive territory for the week (+0.2%) versus a 3.3% week-to-date gain in the S&P 500 (+1.2%).

Notable movers:

  • TechnipFMC (FTI 9.06, +0.44, +5.1%): best performer in the sector, revisiting its mid-August high (9.10).
  • EOG Resources (EOG 122.55, +4.24, +3.6%): revisiting this week’s high (123.46).
  • Halliburton (HAL 29.40, +0.99, +3.5%): rising back above its 50-day moving average (29.17). Company sold its remaining operations in Russia.
  • Schlumberger (SLB 39.27, +1.10, +2.9%): rising to a fresh high for the month. 
  • ConocoPhillips (COP 111.31, +2.99, +2.8%): rising toward this week’s high (111.68).
  • Hess (HES 121.38, +3.28, +2.8%): approaching this week’s high (122.58).
  • NOV (NOV 17.47, +0.46, +2.7%): rising back above its 200-day moving average (17.17).
  • Marathon Oil (MRO 26.18, +0.57, +2.3%): hit a fresh high for the month before narrowing its gain.
  • Williams Companies (WMB 32.59, +0.59, +1.8%): trading between its 200-day (31.88) and 50-day moving averages (33.04).
  • Chevron (CVX 158.41, +2.46, +1.6%): rising toward this week’s high (159.99). Company was granted an interest in three greenhouse gas assessment permits off the coast of Australia.
  • Exxon Mobil (XOM 96.03, +1.12, +1.2%): trading near its September high (96.79).
  • Occidental Petroleum (OXY 64.82, +0.34, +0.5%): weakest performer in the sector, trying to remain just above its 50-day moving average (64.24). Stock went ex-dividend today.

Source: Briefing

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