Suncor’s stock performance
In this part, we’ll review Suncor Energy’s (SU) stock performance before its fourth-quarter results. In the past month (since December 24), Suncor stock has risen. The SPDR S&P 500 ETF (SPY), a broader equity market indicator, has also risen. WTI (West Texas Intermediate), the benchmark oil, has risen since December 24.
Suncor stock, oil prices, and equity markets
In the past month, oil prices have risen after falling for a few months. Oil prices fell due to supply glut fears in 2019.
However, OPEC stepped in with an aim to balance the oil demand-supply dynamics. OPEC has started implementing production cuts. The production cuts haves been supporting oil prices. Easing trade tensions between the US and China have helped oil prices.
The ongoing trade war has also impacted equity markets. To learn more, read US Crude Oil Heads for Its Highest Level in 2019 with Equity Rise.
Since December 24, SPY has risen 12.4%. During the same period, WTI has increased 23.7%, while Suncor stock has risen 18.9%. Higher oil prices and better markets have likely influenced Suncor stock.
Suncor’s fourth-quarter operational update had a positive impact on the stock. The company provided the update early in January. Suncor had record upstream volumes and refining throughput in the fourth quarter.