Wild price swings may be the new normal for crude oil markets as US, Russia and Saudis vie for influence - CNBC
During just six months crude oil prices ripped higher by about 20 percent, plunged more than 40 percent and snapped back 25 percent, an intense volatility that analysts warn could be the new normal in the oil market.
COP in upward trend: price rose above 50-day moving average on October 01, 2024
COP moved above its 50-day moving average on October 01, 2024 date and that indicates a change from a downward trend to an upward trend. In of 39 similar past instances, the stock price increased further within the following month. The odds of a continued upward trend are .
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Notable companies
The most notable companies in this group are ConocoPhillips (NYSE:COP), Canadian Natural Resources Limited (NYSE:CNQ), EOG Resources (NYSE:EOG), Occidental Petroleum Corp (NYSE:OXY), Hess Corp (NYSE:HES), Diamondback Energy (NASDAQ:FANG), Devon Energy Corp (NYSE:DVN), EQT Corp (NYSE:EQT), Marathon Oil Corp (NYSE:MRO), APA Corp (NASDAQ:APA).
Industry description
The oil and gas production segment includes companies that specialize in exploration, development, and production of oil and natural gas. These companies are focused on upstream operations. Companies typically identify deposits, drill wells, and extract raw materials from underground. The industry also includes related services like rig operations, feasibility studies, machinery rentals etc. Several operators in this industry work with various types of contractors such as engineering procurement and construction contractors, as well as with joint-venture partners and oil field service companies. Oil and gas often involves large fixed costs of production; so, declining crude oil prices, for example, is a potential negative for this industry. Conoco Phillips, EOG Resources, Inc. and Pioneer Natural Resources Company are some examples of companies operating in this space.
Market Cap
The average market capitalization across the Oil & Gas Production Industry is 3.92B. The market cap for tickers in the group ranges from 3.28K to 151.38B. COP holds the highest valuation in this group at 151.38B. The lowest valued company is PSTRQ at 3.28K.
High and low price notable news
The average weekly price growth across all stocks in the Oil & Gas Production Industry was 3%. For the same Industry, the average monthly price growth was 2%, and the average quarterly price growth was -4%. SDXEF experienced the highest price growth at 91%, while STMGF experienced the biggest fall at -69%.
Volume
The average weekly volume growth across all stocks in the Oil & Gas Production Industry was 48%. For the same stocks of the Industry, the average monthly volume growth was 105% and the average quarterly volume growth was 76%
Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
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