Global energy markets, as crisis deepens have lifted oil prices, and shares of energy firms along with it.
Oil-and-gas companies in the S&P 500 have gained over 51% this year, while every other segment of the market is down at least 10% this year.
A leading example: Exxon Mobil, the largest publicly listed energy company, is up 18% this week.
Tweet on oil & gas prices, factset
Hectic global energy markets have buoyed oil prices, and shares of energy firms along the way!
— The_Journalbiz (@the_journalbiz) October 7, 2022
Energy stacks are soaring, while much of the market is down, Factset
For the past days, weeks, and months, energy stocks have been one of the few respites from market carnage.
That puts the former-holder of the “world’s most-valuable company” title on pace for its best weekly performance on record, based on Dow Jones Market Data analysis going back to 1972.
- Brent crude was recently up 4.4% to $92.32 a barrel in Friday trading, while the S&P 500’s energy sector rose 1.3%.
While European leaders who have been compromising on their response to Russia’s war in Ukraine all year as growing rift over how to offset the rising damage of high energy prices to their domestic economies.
Italy and several other countries squared off against Germany at a summit in Prague on Friday, in a spat that mirrors clashes from past crises. Heavily indebted countries fear that their wealthier neighbors will gain an unfair edge by supporting their businesses and consumers.