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The price of crude rebounded This Was a Huge Week for Energy Stocks

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The price of crude rebounded this week due to a growing ease
by the market that supplies were starting to get under control.
That's partially due to the draconian capital spending cuts being
made by oil producers this year, with many cutting spending so
steeply it will cause significant year-over-year production
declines. On top of that, this was the peak week of earnings
season for the energy sector, which also fueled a lot of investor
activity. Add it all up, and for the most part energy stocks
rocketed higher this week. Leading the way, according to S&P
Capital IQ data, were Continental Resources (NYSE:
CLR), McDermott International (NYSE:
MDR), Encana (NYSE: ECA), Helix Energy Solutions (NYSE:
HLX), and Chesapeake Energy (NYSE: CHK).

Published in: Economy & Finance
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