Oil and gas stocks lead the way as crude prices recoup losses
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Energy (XLE
+1.7%) is the only S&P sector posting a gain in Wednesday's trading, rebounding from yesterday's downturn with support from a bounce in oil prices.
March WTI crude (CL1:COM)
+2.3% to $94.24/bbl, after closing Tuesday with a 3.6% drop, while April Brent (CO1:COM)
+2.2% to $95.37/bbl, after falling 3.3% as Russia pulled back some of its troops near Ukraine.
The oil and gas sector is now up 23.5% YTD compared with a 6.9% loss in the broader S&P 500.
Devon Energy (DVN
+7.7%) is the group's best performer, surging to its best level since July 2015 before narrowing its gain, after Q4 results beat expectations and the company raised its dividend and expanded its stock buyback program.
Schlumberger (SLB
+4.8%) rallies to its best level since May 2019, Halliburton (HAL
+3.9%) hits its highest mark since November 2018, and Baker Hughes (BKR
+3.3%) rises to its strongest price since October 2018.
Other noteworthy winners include MRO
+3.9%, FANG
+3.4%, NOV
+3.4%, EOG
+2.6%, PXD
+2.4%.
ETFs: USO, UCO, BNO, SCO, USL, DBO, XOP, VDE, OIH, FENY, FCG, IXC, XES, IYE, GUSH
"The market remains extremely tight and prices had been on an upward trajectory prior to the escalation," OANDA analyst Craig Erlam said, adding that the slight softening of tensions "may have only delayed the march to $100."
Without solid evidence of a Russian troop pullback, the narrative that lowered prices yesterday has shifted back to the potential for escalation, CIBC Private Wealth Management's Rebecca Babin told Bloomberg.
Adding to bullish sentiment, inventories at the Cushing crude storage hub fell to the lowest since September 2018, according to an Energy Information Administration report.
The oil and gas sector again led all groups last week, its eighth consecutive weekly gain.