News Formal

These oil stocks are rising the most after supply disruption in the Middle East

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 18 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 10%
  • Publisher: 97%

United States News News

United States United States Latest News,United States United States Headlines

Some heavily shorted oil companies are seeing big gains as investors rush to cover their positions and avoid losses.

Shares of energy companies shot up Monday in the wake of the aerial attack on Saudi Arabia’s Abqaiq oil facility. That led to the suspension of about 5% of world oil production, the largest supply disruption ever.

Read: Why the Saudi oil attack is a ‘big deal’ that could be a ‘game changer’ in stock markets and crude prices Early Monday, the SPDR Energy ETF XLE, +2.63% was up 3.4%. Shares of Exxon Mobil XOM, +1.60%, which make up 23% of the ETF, were up 3.1% in early trading, while Chevron CVX, +1.92%, which makes up 21% of the ETF, was up 2.8%.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

European stocks seen lower on geopolitical tensions and weak Chinese dataEuropean stocks were expected to open lower Monday morning as investors digest an escalation of tensions in the Middle East following an attack on Saudi oil. Well, Brace for a down-turn Trump on Monday into Friday! Thanks Jared for all your work in the Middle East Is Burj Khalifa public? Its stock & others related to it (hotels, etc) should also be declining. BuY tHe Dip Green by close! Hurry!
Source: CNBC - 🏆 12. / 72 Read more »