Shares of oil companies are trading lower amid a rise in U.S. stockpiles. Also, the sector may be moving after the Fed reduced rate cut expectations.
Portfolio Pulse from Benzinga Newsdesk
Shares of oil companies are trading lower due to a rise in U.S. stockpiles and reduced rate cut expectations by the Federal Reserve.
June 13, 2024 | 2:53 pm
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NEGATIVE IMPACT
Canadian Natural Resources Limited (CNQ) shares are trading lower due to increased U.S. oil stockpiles and reduced rate cut expectations by the Fed.
Increased U.S. oil stockpiles typically lead to lower oil prices, negatively impacting oil companies like CNQ. Additionally, reduced rate cut expectations by the Fed can lead to higher borrowing costs, further pressuring the stock.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Cenovus Energy Inc. (CVE) shares are trading lower due to increased U.S. oil stockpiles and reduced rate cut expectations by the Fed.
Increased U.S. oil stockpiles typically lead to lower oil prices, negatively impacting oil companies like CVE. Additionally, reduced rate cut expectations by the Fed can lead to higher borrowing costs, further pressuring the stock.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
NCS Multistage Holdings, Inc. (NCSM) shares are trading lower due to increased U.S. oil stockpiles and reduced rate cut expectations by the Fed.
Increased U.S. oil stockpiles typically lead to lower oil prices, negatively impacting oil companies like NCSM. Additionally, reduced rate cut expectations by the Fed can lead to higher borrowing costs, further pressuring the stock.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Ovintiv Inc. (OVV) shares are trading lower due to increased U.S. oil stockpiles and reduced rate cut expectations by the Fed.
Increased U.S. oil stockpiles typically lead to lower oil prices, negatively impacting oil companies like OVV. Additionally, reduced rate cut expectations by the Fed can lead to higher borrowing costs, further pressuring the stock.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Petrobras (PBR) shares are trading lower due to increased U.S. oil stockpiles and reduced rate cut expectations by the Fed.
Increased U.S. oil stockpiles typically lead to lower oil prices, negatively impacting oil companies like PBR. Additionally, reduced rate cut expectations by the Fed can lead to higher borrowing costs, further pressuring the stock.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
TotalEnergies SE (TTE) shares are trading lower due to increased U.S. oil stockpiles and reduced rate cut expectations by the Fed.
Increased U.S. oil stockpiles typically lead to lower oil prices, negatively impacting oil companies like TTE. Additionally, reduced rate cut expectations by the Fed can lead to higher borrowing costs, further pressuring the stock.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80