Energy sector notches its best day since October on OPEC+ cut

The S&P 500’s Energy Index climbed 4.9%, the most since October 2022. The rally added roughly $79 billion in market value to S&P 500 Energy Index members, with Exxon Mobil Corp. accounting for about $26 billion of that tally. The oil giant is nearing the $500 billion mark for the first time since 2008.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.

“US E&P stocks have struggled to start the year in 2023,” Leo Mariani, an analyst with Roth MKM, wrote in a research note Monday. “The real winners in our coverage are likely to be higher beta oil names.”Article contentThe energy sector is the best performer in the broader S&P 500 Monday with the top ten gainers in the benchmark all energy names. Marathon Oil Corp. and ConocoPhillips both rallied more than 9% while Hess Corp. surged 8.4%. APA Corp.

Canadian energy stocks were also lifted. International Petroleum Corp. rose 10%, helping to boost the S&P/TSX Composite index. Energy names lifted the country’s main stock index by 91.5 points on Monday. On an individual level, Canadian Natural Resources Ltd, the largest oil and gas producer listed in Toronto, provided the biggest boost, adding 35 points by itself.

Oil and gas tanker stocks, on the flip side, fell on expectations that the production cut would mean less crude to ship and higher fuel prices. Teekay Tankers Ltd. shed 9.4%, DHT Holdings Inc. fell 11.2% and International Seaways Inc. lost 6.6%.

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OPEC output cuts to roil markets, little room for others to respondA surprise production cut by Saudi Arabia and other Middle East producers has caught the energy industry flat\u002Dfooted and will lift global prices with little… FartFaceSmith needs to be arrested for criminal charges in interfering with justice system. This shows you FartFaceSmith should be charged with felony and locked up as soon as possible. UCP clowns were involved in organizing coots to illegal border blockade. UCP clowns criminals. I’m confused - if they cut output do environmentalists cheer? Can kinda see which side of the war in Ukraine OPEC supports. Sorry folks--guys like Biden and Trudeau 2.0 took away all our leverage with OPEC:
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