Energy stocks end lower in about-face as OPEC may seek to boost production
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Oil and gas stocks (NYSEARCA:XLE), leading the S&P sector leaderboard for most of Tuesday's trading, erased gains as a rally in crude oil fizzled following reports that OPEC members could pump more crude and exempt Russia from oil production targets.
Such an exemption potentially could pave the way for Saudi Arabia, the United Arab Emirates and other OPEC producers to pump more crude, The Wall Street Journal reported.
Energy shares had climbed to new peaks prior to the report, with Exxon Mobil (NYSE:XOM) nearing $100 for the first time in eight years - it closed -1.6% at $96 after hitting a $99.78 intraday high - and Chevron (NYSE:CVX) surging to a record high $180.96 before closing -2% to $174.66.
EOG Resources (EOG) closed at $136.96, +0.1%, after touching an all-time high $141.99; Marathon Oil (MRO) was one of the day's top performers, closing +1.1% at $31.43 after reaching $33.24, its best level since November 2014.
ConocoPhillips (COP), Devon Energy (DVN), Diamondback Energy (FANG), Hess (HES), Marathon Petroleum (MPC), Occidental Petroleum (OXY) and Schlumberger (SLB) all closed lower after reaching multiyear highs during the day.
ETFs: (XOP), (VDE), (OIH), (IEO), (CRAK)
WTI July crude oil futures (CL1:COM) closed -0.4% at $114.67/bbl, after trading as high as $119.43/bbl, the highest since early March, while July Brent crude (CO1:COM) ended +1% at $122.84/bbl, as European Union leaders reached an agreement to ban 90% of Russian crude by the end of the year, and China began to ease its COVID lockdowns.
Delegates said there is not yet a formal push for OPEC to pump more oil to make up for any Russian shortfall, but some members in the Persian Gulf have begun planning for a production increase sometime in the next few months, according to WSJ.
OPEC+ had been expected to stick to its original plan of an incremental increase of 432K bbl/day for July when the group holds its monthly meeting later this week.
Energy led last week's sector standings as U.S. crude oil climbed to its highest level in more than 11 weeks.