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US Energy Names Surge on SPR News

EQUITIES
  • The e-mini S&P sustained losses through the Asia-Pac session and largely consolidated through the London close. This puts prices around 80 points shy of the alltime highs posted yesterday, with the index posting a bearish candle formation in the pullback. This exposes support at 4625.25, the Nov 10 low. A break of this support would signal scope for a deeper pullback towards the 50-day EMA at 4551.59.
  • Energy names surged across the US, with the sector comfortably at the top end of the table across the S&P 500 as explorers and refiners welcomed the rally in oil prices. The coordinated reserve release provided a decent catalyst for a rally in oil prices, raising the risk that OPEC+ could move to delay the easing of curbs to their production targets at next week's meeting.
  • Furthermore, with the SPR release being wholly made up of sour crude, US refiners eye a solid pipeline of business when the supplies are released from mid-December.
  • Resultingly, the likes of Occidental Petroleum and Devon Energy posted gains of as much as 6%.
  • At the other end of the table, tech and consumer discretionary names suffered, with particular weakness noted in automakers. Ford, General Motors and Tesla all slipped, with Ford reversing off the 2021 high printed Monday.
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