Oil and gas stocks sizzle on OPEC deal; Brent crude tops $80
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The energy sector (XLE
+3.6%) sprints to the top of the S&P sector standings for the second straight day, as Brent crude (CO1:COM) tops $80/bbl, +1.6% at $80.27, and WTI (CL1:COM)
+1.6% at $77.33 and perhaps headed to a nearly six-week closing high.

The jump in prices follows OPEC's announcement earlier that it will raise production as expected by 400K bbl/day, and the group is less worried about the impact of the COVID-19 omicron variant on oil demand than previous waves.
Yesterday, OPEC's technical committee cut estimates for a surplus in Q1 and found little evidence of a demand impact from omicron.
Among major energy names, Coterra Energy (CTRA
+7.7%) and Occidental Petroleum (OXY
+7.6%) are the group's best performers, both rallying to their best levels in nearly two months.
Halliburton (HAL
+6.0%) also hits a two-month high, helped by an upgrade at Morgan Stanley.
Devon Energy (DVN
+4.0%), last year's biggest winner on the entire S&P 500, adds to its upward march and trades at a new five-year high.
Marathon Oil (MRO
+4.3%), touted last night by Jim Cramer on CNBC, rises to its best level since April 2019.
Also: FANG
+5.9%, HES
+5.4%, APA
+5.1%, EOG
+4.9%, BP
+4.6%, COP
+4.4%, RIG
+4%, XOM
+3.6%, RDS.A
+3.3%, CVX
+2.2%.
ETFs: XLE, XOP, VDE, OIH, USO, BNO

Blackstone oil bull Byron Wien thinks crude oil could hit $100/bbl in 2022.