Energy stocks were heading for their best day in six months after the OPEC+'s surprise decision to slash oil production.
The S&P 500's Energy Index popped as much as 5.5% on Monday, its biggest move higher since October. The gauge pared some gains, but was still ahead 4.8% at $665.6 as markets moved toward the closing bell. The top 10 gainers in the benchmark S&P 500 were all energy stocks, with Marathon Oil Corp ahead 10.4% and other major winners including Hess Corp and Exxon Mobil Corporation, which jumped 8.1% and 5.5%, respectively. Occidental Petroleum was up 4.64%.
"Higher energy prices should provide some earnings relief for the S&P 500 but adds 'stagflationry policy risk'," Jefferies analysts led by equity strategist Sean Darby wrote in a research note Monday."We upgrade the sector to Modestly Bullish."
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Saudi Arabia, OPEC+ producers announce voluntary oil output cutsThe Saudi energy minister said it was a precautionary measure to support the stability of the oil market. These announcements are voluntary price increases and profit increases for them to voluntarily make themselves even more obscenely rich. More reason to find alternative energy sources--get off of the Saudi's oil teat and rob them of their outsize influence in the world. OPEC to Biden:
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VIEW 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-footed and will lift global prices with little room for a coordinated response by oil-consuming nations, industry executives said on Sunday. If only the us had their own source of crude that they could throttle up to offset these cuts….. F-Opec there weaponizing oil 1.5 million barrels? The US uses over 20 million a day. Compare that to world estimated use and it’s so insignificant to not even be news worthy.
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Reaction: OPEC output cuts to roil marketsA surprise production cut by Saudi Arabia and other Middle East producers has caught the energy industry flat-footed and will lift global prices with little room for a coordinated response by oil-consuming nations, industry executives said on Sunday. Time to elect a president that makes us energy independent We just need to let the donald sell them our defense secrets… Here we go
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