The benchmark Crude WTI is up 0.43% to $88.75 today at 5.16 a.m. EST. as a slew of positive earnings keeps energy stocks buoyant.
Further, chatter about China easing its tight COVID-19 restrictions is supporting hopes for higher oil demand. Meanwhile, API numbers indicate oil stockpiles declined by 6.5 million barrels in the week ended October 28.
Devon Energy (DVN) posted better-than-expected third-quarter numbers but slashed its dividend to $1.35 per share from the earlier $1.55 per share. The company now expects 6% higher production at the midpoint of its guidance for the fourth quarter.
Saudi Aramco’s latest Q3 print points to a weakening demand as global economic uncertainty looms. The energy giant’s net income at $42.4 billion declined by 12.4% sequentially.
U.S. natural gas too, is now up ~3.48% to $5.91 as anticipation of colder weather keeps prices buoyant.
Here are related tickers for this article:
- United States Oil Fund LP (USO)
- ProShares Ultra Bloomberg Crude Oil (UCO)
- United States Natural Gas Fund LP (UNG)
- Cheniere Energy (LNG)
- Exxon (XOM)
- Chevron (CVX)
- Energy Select Sector SPDR ETF (XLE)
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