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Oil was looking as though it was going to break through $59 a barrel earlier today but lost its steam in the afternoon hours and wound up closing down at $57.40, falling $0.74 on the day. But this was not enough to keep the bulls from buying up the major oil stocks. Even with the precious crude falling through the afternoon, traders decided to focus on the possible production cuts that OPEC has been promising would start this month and pushed oil stocks higher across the board.
Here is a look at how all the major players wound up performing on the day:
- Exxon Mobil Corporation (NYSE:XOM) traded up 1.3% to $75.08 up $0.98 after blowing away analyst estimates this morning.
- Chevron Corporation (NYSE:CVX) closed up 2.2% to $74.47 up $1.59.
- Valero Energy Corp. (NYSE:VLO) climbed 3.2% to $56.03 up $1.75.
- BP p.l.s. ADR (NYSE:BP) managed to trade up 0.4% to $63.76 picking up $0.25.
All in all another great day for oil stocks. I would expect to see another strong day tomorrow to close out the week. I think we are about to see oil finally test the psychological $60 barrier over the next one or two sessions. Should we see prices break through that resistance and settle up above $60, watch for these oil stocks to really take off.
Michael Fowlkes has worked as a stock trader for seven years and spent the last two years working as an analyst for the online investment advisory service Investor's Observer.
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Reader Comments (Page 1 of 1)
2-02-2007 @ 7:56AM
Michael Schneider said...
The brutal cold should move nat gas and oil prices. Analyst yesterday speaking about nat gas inventories (synopsis available free in Oil Alerts at www.Barrelomoney.com under "February 1 nat has inventories") said he expects the cold could totally erode the natural gas surplus we have in inventory.