Market News

Oil Trends Higher; Saudi Aramco’s Bottom Line Slides Sequentially

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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