XOP rose 1.9% last week

In the week ending September 28, upstream energy stocks continued their winning streak for the third consecutive week. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP), which includes 56 upstream companies, rose 1.9% last week. Overall, XOP gained 2.2% last month. Last week, XOP’s gains were due to the rise in commodity prices and the narrowing of the WTI spreads.

Upstream Stocks Might Continue to Build on Last Week’s Gains

US crude oil went above $73 per barrel by the end of last week due to supply concerns amid looming Iran sanctions. US crude oil rose 3.5% and ended the week at $73.3 per barrel. On the other hand, US natural gas rose 1.0% last week and ended at $3.01 per MMBtu (million British thermal units). For a recent update on natural gas prices, read Inventory Data Might Push Natural Gas near $3.2 Next Week.

Among the top upstream stocks by market capitalization, EOG Resources (EOG), Anadarko Petroleum (APC), Occidental Petroleum (OXY), and ConocoPhillips (COP) rose 6.8%, 4.3%, 3.2%, and 1.5%, respectively.

Will upstream stocks continue to rise this week?

US crude oil and natural gas had a strong start this week. WTI went above $75 per barrel. Iran sanctions are still a big supply concern. Positive momentum in natural gas and crude oil prices and the narrowing of the spreads should continue to drive upstream energy stocks higher this week.

Latest articles

On Tuesday, Tesla (TSLA) cut the prices of its vehicles to standardize its global car line-up, according to Reuters.

Yesterday, PayPal (PYPL) announced that it would expand Xoom, which is its international money transfer service, to 32 markets in Europe.

Visa stock has risen about 37% and has outperformed the S&P 500 Index so far in 2019.

16 Jul

What to Expect from Skechers’s Q2 Results

WRITTEN BY Sharon Bailey

Skechers (SKX) is set to declare its results for the second quarter after the markets close on July 18. Here's what you should know.

On Tuesday, Canadian Pacific Railway (CP) reported strong second-quarter earnings. The company's top and bottom lines touched a record mark.

16 Jul

What to Expect from Crown Castle's Q2 Results

WRITTEN BY Sushree Mohanty

Crown Castle International (CCI) is scheduled to announce its second-quarter earnings results on Wednesday after the market closes.