Energy is the only sector to gain, as crude oil rises on Colonial Pipeline outage
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Energy (NYSEARCA:XLE) was the only S&P sector to show a gain Thursday, rising 2% while the broader S&P 500 fell 1.2%, as crude oil futures recouped some of the losses from a two-day rout that opened the new year.
Front-month Nymex crude oil (CL1:COM) for February delivery settled +1.1% to $73.67/bbl, while March Brent crude (CO1:COM) also settled +1.1% to $78.69, after a two-day plunge that saw both WTI and Brent fall more than 9%.
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Six of the top 15 gainers on the S&P 500 were in the energy sector: Valero Energy (VLO) +5.8%, Marathon Petroleum (MPC) +4.6%, Baker Hughes (BKR) +3.2%, Hess (HES) +3.1%, ConocoPhillips (COP) +3%, Diamondback Energy (FANG) +2.6%; Chevron (CVX) topped the Dow Jones, +1.1%.
Exxon Mobil (XOM) closed +2.2% after reporting preliminary results indicating a strong Q4 profit, albeit lower than recent record breaking quarters.
Crude prices were helped by news of a spill that led to an outage at the Colonial Pipeline, a critical conduit that supplies fuel to the northeast U.S.; the shutdown should be over by Saturday, but the unexpected disruption helped oil prices stabilize.
Also, data showed a smaller than expected weekly increase in domestic crude stockpiles and declines in petroleum product inventories.
Saudi Arabia said it will cut the price of oil it sells to Asia for a third straight month, even as China is expected to relax its COVID-19 lockdown restrictions this year.
Fears that aggressive tightening of monetary policy by the Federal Reserve and other central banks will cause a global economic slowdown led to a 9% two-day plunge in crude oil.