On November 30–December 7, Gulfport Energy (GPOR) gained the most on our list of upstream energy stocks. However, the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) fell 3.9%—the third–largest decline among the major energy subsector ETFs that we discussed in the previous part.
Our list of energy stocks also included the following plus a few integrated energy stocks:
- the VanEck Vectors Oil Services ETF (OIH)
- the Energy Select Sector SPDR ETF (XLE)
- the Alerian MLP ETF (AMLP)
- the VanEck Vectors Oil Refiners ETF (CRAK)
Another upstream stock, Laredo Petroleum (LPI) was the third-largest energy gainer on our list. Laredo Petroleum operates with a production mix of at least 50% in liquids based on the latest quarterly production data. Liquids include crude oil, condensates, and natural gas liquids. The rise in oil prices because of OPEC and non-OPEC members’ decision to carry out a coordinated production cut of 1.2 MMbpd (million barrels per day) in 2019 might have influenced these upstream energy stocks. However, Gulfport Energy operates with a production mix of ~89% in natural gas. Bullish sentiments in the oil market might have helped Gulfport Energy to rise. Gulfport Energy might be included in the S&P SmallCap 600 Index.
Midstream stocks NGL Energy Partners LP (NGL) and Crestwood Equity Partners (CEQP) were the second and fifth-largest outperformers, respectively, on our list of energy stocks in the week ending on December 7. The Alerian MLP ETF (AMLP) fell 0.9%. AMLP had the lowest decline among major energy subsector ETFs during this period.
Cenovus Energy (CVE), a Canadian oil sand producer, had the fourth-largest rise on our list of energy stocks. Last week, the WTI-WCS (Western Canada Select) spread contracted by more than ~$10 per barrel, which might have helped Cenovus Energy to rise.
Energy commodities and the broader market
Last week, US crude oil January futures rose 3.3%. Natural gas January futures fell 2.7%, while the S&P 500 Index fell 4.6%. These energy outperformers also beat oil and the broader market during this period.
Next, we’ll discuss the biggest declines in the energy space.