Oil Up 18% YTD In 2023 But Energy Stocks Performance Remains Mixed
The post Oil Up 18% YTD In 2023 But Energy Stocks Performance Remains Mixed appeared on BitcoinEthereumNews.com. Oil is up 18% year-to-date in 2023 but major exploration and production stocks are only seeing mixed … [+] gains. getty Oil futures have been on a largely steady march upwards for much of 2023 baring periods of cyclical volatility. However, that hasn’t necessarily translated into a similarly spectacular stock price appreciation for major crude explorers and producers. Given the recent tightness in the oil market and a significant risk premium triggered by fears of an escalation in the Middle East, both the global proxy benchmark Brent as well as the U.S. West Texas Intermediate (WTI) are north of $90 per barrel, at $93.31 and $90.34 respectively (11:03 EDT on October 20, 2023). That gives the market a 2023 year-to-date (YTD) price appreciation of 18% for Brent and 17% for WTI as the current trading week draws to close. While the crude price uptick has resulted in ‘Big Oil’ stock price gains, the picture is decidedly mixed. MORE FROM FORBES4 Middle East Geopolitical Scenarios That May Hike Oil Market Risk PremiumsBy Gaurav SharmaMORE FROM FORBESScaling Technology And Willpower Critical For ‘Fast-Tracking’ Global Energy TransitionBy Gaurav Sharma For instance, U.K. oil majors Shell (LON: SHEL) and BP (LON: BP) have posted stock price upticks of 15.3% and 13.25% respectively for the year to October 20, 2023, with Aramco (TADAWUL: 2222) – the world’s largest oil company by market capitalization – offering a YTD gain of 13.75%. But gains among their peers are more muted. For instance, ExxonMobil XOM (NYSE: XOM) stock has posted gains of 3.41% YTD, while Chevron (NYSE:CVX), which saw solid gains in 2022, is actually down -3.71%. The U.S. peer ConocoPhillips COP (NYSE: COP) has clocked a near 9% YTD gain. European majors TotalEnergies and Eni have seen gains of 4.8% and 12.6% respectively, while Equinor has entered…
The post Oil Up 18% YTD In 2023 But Energy Stocks Performance Remains Mixed appeared on BitcoinEthereumNews.com.
Oil is up 18% year-to-date in 2023 but major exploration and production stocks are only seeing mixed … [+] gains. getty Oil futures have been on a largely steady march upwards for much of 2023 baring periods of cyclical volatility. However, that hasn’t necessarily translated into a similarly spectacular stock price appreciation for major crude explorers and producers. Given the recent tightness in the oil market and a significant risk premium triggered by fears of an escalation in the Middle East, both the global proxy benchmark Brent as well as the U.S. West Texas Intermediate (WTI) are north of $90 per barrel, at $93.31 and $90.34 respectively (11:03 EDT on October 20, 2023). That gives the market a 2023 year-to-date (YTD) price appreciation of 18% for Brent and 17% for WTI as the current trading week draws to close. While the crude price uptick has resulted in ‘Big Oil’ stock price gains, the picture is decidedly mixed. MORE FROM FORBES4 Middle East Geopolitical Scenarios That May Hike Oil Market Risk PremiumsBy Gaurav SharmaMORE FROM FORBESScaling Technology And Willpower Critical For ‘Fast-Tracking’ Global Energy TransitionBy Gaurav Sharma For instance, U.K. oil majors Shell (LON: SHEL) and BP (LON: BP) have posted stock price upticks of 15.3% and 13.25% respectively for the year to October 20, 2023, with Aramco (TADAWUL: 2222) – the world’s largest oil company by market capitalization – offering a YTD gain of 13.75%. But gains among their peers are more muted. For instance, ExxonMobil XOM (NYSE: XOM) stock has posted gains of 3.41% YTD, while Chevron (NYSE:CVX), which saw solid gains in 2022, is actually down -3.71%. The U.S. peer ConocoPhillips COP (NYSE: COP) has clocked a near 9% YTD gain. European majors TotalEnergies and Eni have seen gains of 4.8% and 12.6% respectively, while Equinor has entered…
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