Energy stocks rally as oil prices poised for first gain in four sessions
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Energy stocks (NYSEARCA:XLE) surge to the top of the S&P sector leaderboard as crude oil prices appear headed for their first gain after three straight losing sessions, as U.S. government data showed a surprise decline in domestic crude supplies.
WTI November crude oil (CL1:COM) +0.8% at $83.50/bbl, bouncing off a two-week low, and December Brent crude (CO1:COM) +0.9% at $90.88/bbl.
ETFs: (NYSEARCA:USO), (BNO), (UCO), (SCO), (USL), (DBO), (USOI), (NRGU), (DRIP), (GUSH), (XLE), (XOP), (VDE), (OIH), (CRAK), (DRIP), (GUSH)
The energy group is enjoying strong leadership from Baker Hughes (BKR), +5.3% after beating Q3 earnings estimates, and Exxon Mobil (XOM), +3% after Jefferies analysts upgraded the stock to a Buy rating.
Other notable gainers include (VLO) +4.7%, (SLB) +4.6%, (EOG) +4.2%, (HAL) +3.8%, (APA) +3.4%, (CVX) +3.1%.
President Biden's planned release of another 15M barrels of oil from the U.S. Strategic Petroleum Reserve is a "non-event given it is the final part of the 180M-barrel release to hit the market," Kpler oil analyst Matt Smith said. "What is more newsworthy is the wide range of tools the administration is considering to keep gas prices in check - further SPR releases, a crude export ban, limiting clean product exports - a reflection of the government's fixation on prices at the pump and its apparent influence on mid-term" elections.
Factors supporting crude oil include a pending European Union ban on Russian crude and oil products, and the recent OPEC+ production cut of 2M bbl/day.