Market News

Oil Remains Rangebound; All Eyes on Exxon, Chevron Numbers Today

The benchmark Crude WTI is down 1.39% to $87.84 today at 5.07 a.m. EST. With support at $85 levels, crude is inching up towards the $90 mark this week as OPEC’s supply cut and Europe shunning Russian oil continue to support prices.

Energy stocks remain in the spotlight with Exxon (XOM) and Chevron (CVX) slated to report third-quarter earnings today. Exxon is expected to post an EPS of $3.86 today after comfortably cruising past expectations in the second quarter.

Chevron too is expected to post an EPS of $4.85, significantly higher than last year’s figure of $2.96.

U.S. natural gas in the meantime is down 1% to $5.82 today. Shares of Exxon and Chevron have surged ~25% each in the past month already.

Here are related tickers for this article:

  • United States Oil Fund LP (USO)
  • ProShares Ultra Bloomberg Crude Oil (UCO)
  • Occidental Petroleum (OXY)
  • United States Natural Gas Fund LP (UNG)
  • Cheniere Energy (LNG)

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