Oil & Gas Stocks Ride Wave of Green in Early Trading
Energy stocks are riding higher on a wave of green today as oil prices climb and broader market sentiment turns upbeat.
- Chevron (CVX) gained 1.16%
- Shell (SHEL) rose 0.58%
- BP saw a stronger uptick, climbing 1.77%
- Equinor (EQNR) edged up 0.82%
- Enbridge (ENB) climbed 1.28%.
Cenovus Energy (CVE) outperformed with a 1.71% increase, while refining heavyweights Marathon Petroleum (MPC), Phillips 66 (PSX), and Valero (VLO) posted gains of 1.65%, 0.55%, and 0.28%, respectively.
The rally aligns with WTI and Brent crude holding above $61 and $65, fueled by easing trade tensions and solid Chinese demand signals.
This stock surge suggests confidence in sustained oil price strength, but any reversal in trade talks or demand data could cap gains.
Higher crude prices may continue to bolster upstream players like BP and Chevron, while refiners like MPC could face margin pressure if crack spreads tighten.