Crude Oil Eyes Highest Close In 7 Weeks As Inventories Drop More Than Expected: Energy ETF, Stocks On The Move
Portfolio Pulse from Piero Cingari
Crude oil prices surged past $81 per barrel, eyeing the highest close in 7 weeks, driven by a larger-than-expected drop in U.S. crude oil inventories. Energy stocks and ETFs, including XLE, HES, SLB, MPC, and XOM, saw significant gains.
June 20, 2024 | 6:17 pm
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POSITIVE IMPACT
Hess Corp (HES) saw a 2.4% increase in its stock price, driven by the surge in crude oil prices.
Hess Corp's stock price increased due to the higher crude oil prices, reflecting positive market sentiment.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Marathon Petroleum Corp (MPC) saw a 1.9% increase in its stock price, driven by the surge in crude oil prices.
Marathon Petroleum's stock price increased due to the higher crude oil prices, reflecting positive market sentiment.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Schlumberger NV (SLB) experienced a 2% rise in its stock price following the increase in crude oil prices.
Schlumberger's stock price rose due to the positive impact of higher crude oil prices on the energy sector.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The Energy Select Sector SPDR Fund (XLE) rose more than 1.5%, outperforming all other sectors due to the surge in crude oil prices.
XLE, an ETF tracking energy stocks, benefited from the rise in crude oil prices, leading to a significant gain.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Exxon Mobil Corp (XOM) experienced a 1.9% rise in its stock price following the increase in crude oil prices.
Exxon Mobil's stock price rose due to the positive impact of higher crude oil prices on the energy sector.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70