Halliburton Leads Energy Stocks Higher on Hints of OPEC+ Production Cut

Halliburton leads energy stocks higher on Tuesday.


Luke Sharrett/Bloomberg

Energy was the


S&P 500’s

best-performing sector Tuesday after Saudi Arabia’s energy minister said that OPEC+ might cut its oil output.

In an interview with Bloomberg, Prince Abdulaziz bin Salman, Saudi Arabia’s energy minister, said recent market volatility means that the futures market has become increasingly disconnected, which could cause OPEC+ to curb production.

West Texas Intermediate crude oil, the U.S. benchmark, rose 3.5% to $93.55 a barrel.

The S&P 500’s energy sector was rising 4.1%. Leading the pack was



Halliburton

(ticker: HAL), which jumped 7.5% Tuesday. Following



Halliburton

was



APA

(



APA

), up 6.3%,



Occidental Petroleum

(OXY), up 6.8%



Marathon Oil

(MRO), which rose 5.9%,



Baker Hughes

(BKR), which was up 4.7%, and



Diamondback Energy

(FANG), which also jumped 4.7%.



Devon Energy

(DVN),



Exxon Mobil

(XOM) and



Hess

also were higher, climbing about 4% each.

Natural gas futures also were on the rise Tuesday, with front-month natural gas trading at $9.717, which would be its highest settlement since July 2008 when it settled at $9.788, according to Dow Jones Market Data.

Oil prices have been falling as demand for crude takes a hit from fears of an economic slowdown. Barron’s recommended earlier this month that it was a good time to buy oil stocks.

Write to Angela Palumbo at angela.palumbo@dowjones.com

Add a Comment

Your email address will not be published. Required fields are marked *