Oil and Gas Stocks Surge Despite Broader Market Decline

Oct 01, 2024

The U.S. stock market continued to decline on Tuesday, with the Nasdaq Composite Index extending its losses to 2%. However, the oil and gas sector defied the broader market trend and saw substantial gains. Houston American Energy (HUSA, Financial) surged over 20%, while ExxonMobil (XOM) and Occidental Petroleum (OXY) both rose more than 2%. Additionally, Schlumberger (SLB) increased by over 1.3%, and both TotalEnergies (TTE) and Chevron (CVX) climbed more than 1%.

In the commodities market, West Texas Intermediate (WTI) crude oil prices expanded their gains, rising more than 3% to $70.27 per barrel. Brent crude oil similarly saw a nearly 3% increase, reaching $73.80 per barrel.

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I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

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