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Nov. 23, 2021, 9:19 a.m. EST

Oil stocks see broad rally as crude prices reverse higher after SPR release plan

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By Tomi Kilgore

Shares of oil companies are enjoying a broad rally Tuesday, after crude oil prices bounces sharply to turn positive, shrugging off President Biden's announcement of a plan to release 50 million barrels of oil from the U.S. Strategic Petroleum Reserve (SPR) in an attempt to rein in prices. The SPDR Energy Select Sector ETF /zigman2/quotes/206420077/composite XLE +3.48% rose 1.1% in premarket trading, with all 21 components gaining ground ahead of the open. Among some of the more active components, shares of Exxon Mobil Corp. /zigman2/quotes/204455864/composite XOM +2.64% gained 0.8%, Chevron Corp. /zigman2/quotes/205871374/composite CVX +3.62% rose 1.3%, ConocoPhillips /zigman2/quotes/207605056/composite COP +4.25% climbed 1.2%, Marathon Oil Corp. /zigman2/quotes/205031829/composite MRO +6.09% tacked on 1.6% and Occidental Petroleum Corp. /zigman2/quotes/207018272/composite OXY +8.04% advanced 1.9%. Continuous crude oil futures rose 1.2% to $77.66, reversing an earlier loss of about 1.8%, according to FactSet data. Meanwhile, futures /zigman2/quotes/209948968/delayed ES00 -0.53% for the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.05% were little changed.

/zigman2/quotes/206420077/composite
US : U.S.: NYSE Arca
$ 65.06
+2.19 +3.48%
Volume: 47.80M
Jan. 25, 2022 3:32p
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/zigman2/quotes/204455864/composite
US : U.S.: NYSE
$ 74.71
+1.92 +2.64%
Volume: 29.95M
Jan. 25, 2022 3:32p
P/E Ratio
N/A
Dividend Yield
4.68%
Market Cap
$308.16 billion
Rev. per Employee
$3.40M
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/zigman2/quotes/205871374/composite
US : U.S.: NYSE
$ 131.78
+4.60 +3.62%
Volume: 14.13M
Jan. 25, 2022 3:32p
P/E Ratio
25.66
Dividend Yield
4.05%
Market Cap
$245.16 billion
Rev. per Employee
$2.83M
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/zigman2/quotes/207605056/composite
US : U.S.: NYSE
$ 86.55
+3.53 +4.25%
Volume: 5.94M
Jan. 25, 2022 3:32p
P/E Ratio
25.92
Dividend Yield
0.92%
Market Cap
$109.50 billion
Rev. per Employee
$3.82M
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/zigman2/quotes/205031829/composite
US : U.S.: NYSE
$ 19.42
+1.12 +6.09%
Volume: 17.80M
Jan. 25, 2022 3:32p
P/E Ratio
N/A
Dividend Yield
0.92%
Market Cap
$14.25 billion
Rev. per Employee
$2.81M
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/zigman2/quotes/207018272/composite
US : U.S.: NYSE
$ 36.75
+2.74 +8.04%
Volume: 21.51M
Jan. 25, 2022 3:32p
P/E Ratio
N/A
Dividend Yield
0.11%
Market Cap
$31.76 billion
Rev. per Employee
$1.93M
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/zigman2/quotes/209948968/delayed
US : U.S.: CME
$ 4,380.25
-23.50 -0.53%
Volume: 2.01M
Jan. 25, 2022 2:22p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,363.80
-46.33 -1.05%
Volume: 2.23B
Jan. 25, 2022 3:32p
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