Inventory Data Sparks Oil Services Rally (HAL, SLB, RIG, NOV, WFT)
Shares of Halliburton (HAL), the world’s second-largest provider of oilfield services, are soaring 3% after NYMEX-traded crude for June delivery rebounded above $100 a barrel following a Department of Energy report that showed rising gasoline stockpiles and increased activity at U.S. refineries. The DoE report is helping the Oil Services and Equipment Stocks Index to a 2.7% gain, the top performance among tickerspy Indexes today.
The Index had plunged about 10% in the past month as investors fretted about the end of the Federal Reserve’s second quantitative easing plan and risk appetite diminished. Slack U.S. economic data over the past several weeks also contributed to oil’s woes, causing investors to worry that slower-than-expected growth in the U.S. would hamper demand for crude.
Earlier this week, Goldman Sachs and Morgan Stanley boosted their 2011 and 2012 price targets on oil, lending a hand to the downtrodden commodities complex.
Strength in the oil services group is widespread today as only two Index members are trading lower. Schlumberger (SLB), the world’s largest provider of oilfield services, and Transocean (RIG), the world’s largest provider of offshore drilling services, are both higher by 1%. National Oilwell Varco (NOV) is surging 5% while Weatherford International (WFT) is up 2%.
Investors can track the Oil Services and Equipment Stocks Index for performance trends and a suite of other metrics at tickerspy.com.
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