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8 Energy Stocks To Watch Ahead Of OPEC Meetings

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8 Energy Stocks To Watch Ahead Of OPEC Meetings

The United States Oil Fund LP (ETF) (NYSE: USO) is down 7.6 percent in the past month as investors anticipate the next major OPEC meeting this week.

OPEC is meeting in Vienna on Friday and Saturday and is expected to discuss potentially raising crude oil production now that prices have stabilized so far in 2018.

What's On The Line

WTI crude oil prices ticked higher by 1.4 percent to $65.84/bbl on Wednesday following a drop in U.S. commercial crude inventories this week, but all eyes will be on Vienna by the end of the week.

Both Saudi Arabia and non-OPEC producer Russia are reportedly in favor of dialing back production limits imposed in 2017 to counter a global supply glut. Even President Donald Trump has urged OPEC to increase production to help ease prices. Iranian Oil Minister Bijan Zanganeh said Tuesday that Trump was responsible for the surge in oil prices after applying sanctions against Iran and Venezuela.

Saudi Arabia is reportedly looking to increase production by 1 million barrels per day, while Russia has said it would like to see an extra 1.5 million barrels per day to the market before reassessing the next move.

Investors Troubled

In the meantime, the uncertainty and potential for an uptick in production will likely continue to weigh on the oil market. Here’s a look at how some popular energy stocks have fared in the past week ahead of the OPEC meeting:

  • Exxon Mobil Corporation (NYSE: XOM) is down 1 percent.
  • Chevron Corporation (NYSE: CVX) is down 1.6 percent.
  • Chesapeake Energy Corporation (NYSE: CHK) is up 2.2 percent.
  • BP plc (ADR) (NYSE: BP) is down 2.5 percent.
  • ConocoPhillips (NYSE: COP) is down 3.3 percent.
  • Valero Energy Corporation (NYSE: VLO) is down 1.3 percent.
  • Franks International NV (NYSE: FI) is down 3.1 percent.
  • Whiting Petroleum Corp (NYSE: WLL) is down 2.8 percent.

Related Links:

Ahead Of OPEC, An Analyst Is Bullish On Energy Stocks

Wells Fargo: OPEC's Production Increase Will Benefit Tanker Stocks

Posted-In: Oil OPEC RussiaNews Commodities Events Markets Trading Ideas Best of Benzinga

 

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