Oil jumped higher today, with WTI closing above $60/barrel. Energy stocks also jumped at open, but, faded throughout the day.
EOG traded almost to $91.5 in the first 30 minutes of traded, but, ended the day down $0.02! XOM jumped to $85.43; also ended in the red. HES was up about $2, and only kept $0.58 of that gain. Others shared the same story: APA, APC, CVX, SLB all open high and trickled to near the flatline.
For the first half of 2015, energy stocks traded in a tight range and are still trying to establish a bottom. We have not been trading this sector much for a while now. But, things could get a bit more interesting from here.
OXY has risen above its daily MAs. EOG, APA, and APC are trying very hard to establish a bottom. Things could start to turn here. We will be patient for a little longer. If these names do not start to rally higher, another leg down may be coming.
Good night and HappyTrading! ™