Oil & Gas Stock Roundup: Exxon, Chevron & Hess To Bid Jointly For Mexico Drilling Rights
Zacks Investment Research | Aug 22, 2016 11:03PM ET
It was a week which saw oil prices rise to their highest level since Jun 22. But natural gas futures barely moved.
On the news front, oil giants Exxon Mobil Corp. (NYSE:XOM) , Chevron Corp. (NYSE:CVX) and Hess Corp. (NYSE:HES) have joined forces to bid for deepwater drilling rights in Mexico.
Overall, it was a mixed week for the sector. While West Texas Intermediate (WTI) crude futures jumped 9.1% to close at $48.52 per barrel, natural gas prices remained essentially unmoved to end the week at $2.584 per million Btu (MMBtu). (See the last ‘Oil & Gas Stock Roundup’ here: Petrobras Q2 Earnings Plummet, Suncor Buys North Sea Project Stake .)
Oil prices logged its largest weekly gain in five months on expectations of a production freeze from the 14-member OPEC bloc and Russia. Things further brightened with the release of U.S. Energy Department's report showing big drawdowns in domestic crude and gasoline stocks. A weaker dollar – that made the greenback-priced crude cheap for investors holding foreign currency – provided further support.
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