Sands Miners Enjoy Energy Rally (USO, NOA, SU, CNQ, BQI)
The United States Oil Fund (USO) rebounded by 2% on Friday as crude futures ticked higher, and select components of the oil sands segment posted similar gains. Sands mining is one of the more expensive means of acquiring oil, so the firms depend on high, stable oil pricing to remain profitable. So far this year, the sector’s performance is mixed amid choppy trading in the commodity markets, so it will be interesting to see where stocks go from here.
As a whole, the Oil Sands Stocks Index is up by 2% today as small-cap North American Energy (NOA) and sector giant Suncor Energy (SU) gain 3% or more. Meanwhile, Canadian Natural Resource (CNQ) and beleaguered Oilsands Quest (BQI) are also in positive territory for the session.
Over the last month, Canadian Natural Resources is the Index’s top performer with a 13% rally. Meanwhile, Oilsands Quest has extended its losses by more than -20% for the period.
Investors can track the Oil Sands Stocks Index for performance trends and a suite of other metrics at tickerspy.com.
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