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June 22, 2021, 4:39 a.m. EDT

Oil sector climbs as Brent reaches $75 a barrel

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By Steve Goldstein

Europe’s oil and gas sector climbed on Tuesday as Brent crude-oil futures reached $75 a barrel, a milestone demonstrating the recovery in demand as economies reopen.

Integrated major oil companies Royal Dutch Shell /zigman2/quotes/204253697/delayed UK:RDSB -0.90% and BP /zigman2/quotes/202286639/delayed UK:BP -0.45% each rose 2%, and oil services firm TechnipFMC /zigman2/quotes/206450192/delayed FR:FTI -3.40% rose 4%, as the Brent contract ended Monday at the highest level since Oct. 31, 2018.

The Stoxx Europe 600 oil and gas sector /zigman2/quotes/210599627/delayed XX:SXEP -0.83% has climbed 57% from its 52-week low reached in late October, and the SPDR S&P Oil and Gas Exploration ETF /zigman2/quotes/203527521/composite XOP -4.28% has jumped 138% from its October lows.

The broader European stock market was trading in a tight range after a solid finish to U.S. trading on Monday, with the Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP -0.36% slipping 0.2%. The S&P 500 /zigman2/quotes/210599714/realtime SPX -0.51% ended Monday with a gain of 1.4%, its strongest daily gain in more than a month.

U.S. stock futures /zigman2/quotes/209948968/delayed ES00 -0.40% were little moved ahead of Federal Reserve Chair Jerome Powell’s testimony on the central bank’s response to the COVID-19 pandemic to a House committee. In prepared remarks, Powell said inflation will drop back toward its longer-run goals after transitory supply effects abate.

“Yesterday’s recovery across the Atlantic buoys European markets. With King Dollar taking a breather, and participants coming to terms with the fact that there is a significant lag between talking of tapering and the action of tapering itself, the path of least resistance for equities remains higher,” said Ryan Paisey, market commentator at PriapusIQ.

Prosus /zigman2/quotes/214038022/delayed NL:PRX -1.49% , the technology investor, slipped 3%, after reporting a 45% rise in its core headline earnings per share for its March-ending fiscal year, which was in line with its forecast of core headline EPS growth between 41% and 48%.

Irish building materials company Kingspan /zigman2/quotes/200640650/delayed IE:KRX -0.52% rose 5%, after saying first-half sales will be around €2.9 billion ($3.5 billion), up from first-half 2020 levels of €2.07 billion, and its trading profit will be in the region of €315 million, some 58% above comparable 2020 levels.

/zigman2/quotes/204253697/delayed
UK : U.K.: London
£ 1,768.00
-16.00 -0.90%
Volume: 6.55M
Oct. 27, 2021 4:35p
P/E Ratio
35.73
Dividend Yield
0.04%
Market Cap
£137.25 billion
Rev. per Employee
£1.52M
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/zigman2/quotes/202286639/delayed
UK : U.K.: London
357.60 p
-1.60 -0.45%
Volume: 27.71M
Oct. 27, 2021 4:35p
P/E Ratio
11.58
Dividend Yield
4.45%
Market Cap
£71.33 billion
Rev. per Employee
£2.21M
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/zigman2/quotes/206450192/delayed
FR : France: Euronext Paris
6.60
-0.23 -3.40%
Volume: 1.65M
Oct. 27, 2021 5:37p
P/E Ratio
27.91
Dividend Yield
1.70%
Market Cap
€3.05 billion
Rev. per Employee
€328,208
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/zigman2/quotes/210599627/delayed
XX : STOXX
294.05
-2.47 -0.83%
Volume: 0.00
Oct. 27, 2021 5:50p
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/zigman2/quotes/203527521/composite
US : U.S.: NYSE Arca
$ 105.79
-4.73 -4.28%
Volume: 9.68M
Oct. 27, 2021 4:00p
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/zigman2/quotes/210599654/delayed
XX : STOXX
474.04
-1.70 -0.36%
Volume: 0.00
Oct. 27, 2021 5:50p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,551.68
-23.11 -0.51%
Volume: 2.21B
Oct. 27, 2021 4:06p
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/zigman2/quotes/209948968/delayed
US : U.S.: CME
$ 4,547.00
-18.25 -0.40%
Volume: 1.10M
Oct. 27, 2021 2:56p
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/zigman2/quotes/214038022/delayed
NL : Netherlands: Euronext Amsterdam
76.00
-1.15 -1.49%
Volume: 2.10M
Oct. 27, 2021 5:35p
P/E Ratio
19.71
Dividend Yield
0.18%
Market Cap
€159.13 billion
Rev. per Employee
€183,400
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/zigman2/quotes/200640650/delayed
IE : Ireland: Dublin
95.50
-0.50 -0.52%
Volume: 178,813
Oct. 27, 2021 4:30p
P/E Ratio
37.23
Dividend Yield
0.42%
Market Cap
€17.41 billion
Rev. per Employee
€295,226
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