U.S. crude spikes more than $3/bbl in biggest daily gain since 2016
Seeking Alpha
Published Jun 22, 2018 04:39PM ET
U.S. crude spikes more than $3/bbl in biggest daily gain since 2016
- WTI crude oil futures soared $3.04 (+4.6%) to settle at $68.58/bbl, marking its biggest one-day percentage and net dollar increase since November 2016, following OPEC's agreement to lift production; Brent crude also rose, settling $2.50 higher (+3.4%) at $75.55/bbl.
- The agreement was meant to cool off rising prices, so the fact that prices rebounded underlines two key messages, according to RBC Capital's global head of commodity strategy Helima Croft: “Lack of concern for cheating and the challenges of spare capacity.”
- Many of today's biggest stock market winners on the S&P 500 were oil and gas names: APC +6.7%, CVX +2%, XEC +4.2%, CXO +2.3%, COP +4.1%, DVN +5.2%, EOG +1.6%, XOM +2.1%, HAL +2.9%, HES +4.6%, MRO +7.8%, NOV +2.2%, NFX +5.2%, NBL +3.2%, PXD +4.3%, SLB +2.7%, FTI +5.1%.
- The biggest loser from the deal may be U.S. motorists, who would have enjoyed lower gasoline prices during the summer driving season.
- ETFs: USO, XLE, OIL, UWT, UCO, VDE, XOP, DWT, ERX, OIH, SCO, BNO, DBO, ERY, DIG, BGR, GUSH, DTO, FENY, USL, IYE, DUG, DRIP, IEO, FIF, DNO, NDP, PXE, OLO, RYE, PXJ, SZO, CRAK, FXN, OLEM, WTIU, DDG, OILK, NANR, OILX, WTID, USOI, USOU, USOD, FTXN, JHME, UBRT, ERYY, DBRT, ERGF, OILD, OILU, USAI
- Now read: Cimarex Energy (XEC) Presents At J.P. Morgan Energy Equity Conference - Slideshow
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