We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Oil Soars on OPEC+ Surprise: Energy Stocks Post Big Gains
Read MoreHide Full Article
U.S. crude prices rose by more than 4% on Thursday, and rallied to 23-month highs. The contract’s multiyear peak came after major oil producers maintained their output cuts till the end of April contrary to expectations of a slight increase. The OPEC+ alliance will continue withholding production by around 7 million barrels per day (or about 7% of the global consumption) through next month. Moreover, OPEC-kingpin Saudi Arabia pledged to extend its voluntary supply curbs of 1 million barrels per day.
The group’s reluctance to raise output helped the American benchmark gain $2.55 to end the day at $63.83 per barrel — hitting its highest since April 2019. Meanwhile, the international Brent crude futures settled at $66.74 per barrel, up $2.67, or 4.2% from their last close.
Oil Markets Bull Story Continues
The OPEC+ coalition’s production restraint is not the only factor supporting the oil markets. The energy space has been rallying for the past few months on continued vaccine-related developments and their successful deployment around the world that offer hope for an earlier-than-expected pickup in the commodity’s demand. Crude has been driven up further by easing coronavirus infections, signs of robust demand in the world’s second-largest oil consumer, China, and the passage of the $1.9 trillion stimulus bill.
The renewed enthusiasm can be gauged from the fact that the Zacks Oil/Energy sector has gained 32.2% in the past six months, handily outperforming the S&P 500 Index’s 12.3% appreciation.
Energy Stocks Take Off
The OPEC+ surprise pushed the Energy Select Sector SPDR — an assortment of the largest U.S. energy companies — up around 2.4% on Thursday to be at the top of the S&P sector standings. In fact, except for Energy, all the other S&P 500 sectors were in the red yesterday.
As a matter of fact, the top five gainers of the S&P 500 on Thursday were all energy firms — Diamondback Energy (FANG - Free Report) , EOG Resources (EOG - Free Report) , Marathon Oil (MRO - Free Report) , Apache (APA - Free Report) and Hess Corporation (HES - Free Report) . Diamondback — carrying a Zacks Rank of #1 (Strong Buy) — was the top-performing stock with a gain of 9.16%, followed by EOG (6.63%), Marathon Oil (6.28%), Apache (5.37%) and Hess (4.66%).
If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027.
After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%
You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.
Image: Bigstock
Oil Soars on OPEC+ Surprise: Energy Stocks Post Big Gains
U.S. crude prices rose by more than 4% on Thursday, and rallied to 23-month highs. The contract’s multiyear peak came after major oil producers maintained their output cuts till the end of April contrary to expectations of a slight increase. The OPEC+ alliance will continue withholding production by around 7 million barrels per day (or about 7% of the global consumption) through next month. Moreover, OPEC-kingpin Saudi Arabia pledged to extend its voluntary supply curbs of 1 million barrels per day.
The group’s reluctance to raise output helped the American benchmark gain $2.55 to end the day at $63.83 per barrel — hitting its highest since April 2019. Meanwhile, the international Brent crude futures settled at $66.74 per barrel, up $2.67, or 4.2% from their last close.
Oil Markets Bull Story Continues
The OPEC+ coalition’s production restraint is not the only factor supporting the oil markets. The energy space has been rallying for the past few months on continued vaccine-related developments and their successful deployment around the world that offer hope for an earlier-than-expected pickup in the commodity’s demand. Crude has been driven up further by easing coronavirus infections, signs of robust demand in the world’s second-largest oil consumer, China, and the passage of the $1.9 trillion stimulus bill.
The renewed enthusiasm can be gauged from the fact that the Zacks Oil/Energy sector has gained 32.2% in the past six months, handily outperforming the S&P 500 Index’s 12.3% appreciation.
Energy Stocks Take Off
The OPEC+ surprise pushed the Energy Select Sector SPDR — an assortment of the largest U.S. energy companies — up around 2.4% on Thursday to be at the top of the S&P sector standings. In fact, except for Energy, all the other S&P 500 sectors were in the red yesterday.
As a matter of fact, the top five gainers of the S&P 500 on Thursday were all energy firms — Diamondback Energy (FANG - Free Report) , EOG Resources (EOG - Free Report) , Marathon Oil (MRO - Free Report) , Apache (APA - Free Report) and Hess Corporation (HES - Free Report) . Diamondback — carrying a Zacks Rank of #1 (Strong Buy) — was the top-performing stock with a gain of 9.16%, followed by EOG (6.63%), Marathon Oil (6.28%), Apache (5.37%) and Hess (4.66%).
You can see the complete list of today’s Zacks #1 Rank stocks here.
Time to Invest in Legal Marijuana
If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027.
After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%
You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.
Today, Download Marijuana Moneymakers FREE >>