Energy stocks surge as oil prices jump, led by Marathon Petroleum's biggest gain in over a year
The S&P 500's ...
The S&P 500's SPX, 1.91% energy sector saw a unanimous rally in midday trading Monday, as reports that a large oil-producing cartel plans to cut production provided a big lift to crude oil prices. The SPDR Energy Select Sector exchange-traded fund XLE, 4.60% ran up 5.0% with all 21 components gaining ground. The ETF's biggest gainer was Marathon Oil Corp.'s stock MRO, 8.55%, which climbed 9.2%, toward the biggest one-day gain since it soared 13.6% on June 21, 2021. Of the ETF's most active components, shares of Occidental Petroleum Corp. OXY, 4.26% rallied 5.4% and Exxon Mobil Corp. XOM, 4.05% hiked up 4.5%. The worst performer was Kinder Morgan Inc.'s stock KMI, 2.19%, which gained 2.2%. Chevron Corp.'s stock CVX, 4.79% ran up 5.0% to pace the Dow Jones Industrial Average's DJIA, 2.11% gainers. Meanwhile, crude oil futuresCL00, 4.03% charged up 3.9%, after reports over the weekend that the Organization of Petroleum Exporting Countries (OPEC) and their allies, known as (OPEC+), are considering cutting production by more than one million barrels a day to stem the recent price decline.
Oil Jumps as OPEC+ Mulls Biggest Production Cut Since Pandemic
(Bloomberg) -- Oil surged to near $83 a barrel overseas on indications the OPEC+ alliance is considering...
(Bloomberg) -- Oil surged to near $83 a barrel overseas on indications the OPEC+ alliance is considering slashing production by more than 1 million barrels a day to revive plunging prices when it meets this week.
“Risk-reward in the oil market is improving if OPEC is ready to act with oil prices just below $90 a barrel,” Martinsen added.
NOG Acquires Core Northern Delaware Basin Bolt-on for $157.5 Million
Northern Oil and Gas Inc. (NOG) made a bolt-on...
Northern Oil and Gas Inc. (NOG) made a bolt-on acquisition of core northern Delaware Basinproperties for an initial purchase price of $157.5 million, the company said in a Sept. 30 release.
Based in Minnetonka, Minn., NOG aims to be the go-to resource for operators that want to offload non-operated working interests in leasehold. Originally focused in the Williston Basin, the company has also expanded into the Marcellus Shale and Permian Basin through a series of acquisitions.
Mewbourne Oilis the primary operator of the asset, which also includes approximately 21.2 net undeveloped locations. Other operators include ConocoPhillips Co. and EOG Resources Inc.
Japan and Korea have dumped billions of dollars defending the yen and won against the soaring...
Japan and Korea have dumped billions of dollars defending the yen and won against the soaring dollar. Japan in September spent up to $19.35 billion to aid the yen in the first market intervention since 1998. The dollar has surged 26% against the currency. Meanwhile, the greenback has gained 21% against the won.
Hong Kong-listed Chinese stocks dropped to their lowest level ...
Hong Kong-listed Chinese stocks dropped to their lowest level ever last week as macro forces continue to batter global equities markets — but China is dealing with its own unique issues as well.
Through September, the Hang Seng Index tumbled 14% to its cheapest value on record, which also made it the worst-performing global stock index of the month.
While rate jitters and currency volatility are battering markets globally this year, China is dealing with unique issues in its property market, as well as navigating punishing COVID-19 lockdown policies. The International Monetary Fund has slashed its growth estimates for China twice this year, and warned of a 2023 recession.
