Sign Up for FREE Daily Energy News
Canadian Flag CDN NEWS  |  US Flag US NEWS  | TIMELY. FOCUSED. RELEVANT. FREE
  • Stay Connected
  • linkedin
  • twitter
  • facebook
  • youtube2
BREAKING NEWS:

Hazloc Heaters
Copper Tip Energy Services
Hazloc Heaters
Copper Tip Energy


Small Shale Stocks Lead Energy Rally After OPEC Extension


English Español 简体中文 हिन्दी Português
These translations are done via Google Translate

By Michael Bellusci

(Bloomberg) Small shale producers and offshore drillers are among stocks soaring after the wider OPEC+ group agreed over the weekend to extend its record output curbs.Saudi Arabia increased prices for some crude exports by the most in at least two decades.

Stock gainers include Chesapeake Energy Corp., Denbury Resources Inc, Tellurian Inc., California Resources Crop., Oasis Petroleum Inc. and Callon Petroleum Co., all rising over 40%.

Additionally, offshore driller Noble Corp. rose over 100%. Short interest is about 17% of free float, according to data compiled by Markit.

Still, oil erases early gains after Saudi Arabia said it wouldn’t continue its additional, deeper output curbs after June.

Sky Eye Measurement
GLJ

“The extension was expected and anticlimactic,” Piper Sandler analyst Bill Herbert told clients in a note. “The complexity factor associated with oil continues to be exceedingly elevated,” he added.

Sky Eye Measurement
GLJ

Goldman Sachs thinks oil has already more than priced in an OPEC+ agreement to extend supply cuts through July, with prices nearing levels that could prove self-defeating to the market rebalancing.

In Canada, the S&P/TSX Energy Index rose about 1% to its highest level since March 9.



Share This:



More News Articles


GET ENERGYNOW’S DAILY EMAIL FOR FREE