Oil stocks were having a great week last week. However, today, no matter whether you’re looking at Cliffs Natural Resources, Transocean, Chesapeake Energy, or just about any other stock in the oil and energy market, you’re likely seeing red. Below, we’ll talk about what we’re seeing from oil stocks, why, and what we’ll be watching for with regard to CLF, RIG, and CHK ahead.
What We’re Seeing From CLF, RIG, and CHK
As mentioned above, oil and energy stocks just aren’t off to a strong week in the market. Unfortunately, Cliffs Natural Resources, Transocean, and Chesapeake Energy are part of the declines. While some may have started in the green, stocks sector-wide have fallen into the red. In the case of CLF, RIG, and CHK, the stocks are currently (1:04) trading at $9.84, $11:52, and $6.56 per share respectively. This is after respective losses of $0.07 (0.71%), $0.14 (1.20%), and $0.04 (0.53%) per share thus far today.
Why Oil Stocks Are Falling
As mentioned above, oil stocks were rallying last week. This was the result of the OPEC deal deadline nearing and positive news with regard to the story. However, today, CLF, RIG, CHK, and several others in the energy sector are starting to see declines as investor concerns start to come up.
At the end of the day, the deadline for the deal is Wednesday, November 30th – just 2 days away! OPEC still needs to get Iraq and Iran on board. So, there is quite a bit of uncertainty about whether the deal is actually going to happen. If it doesn’t, oil could fall dramatically, leading to big declines for Cliffs Natural Resources, Transocean, Chesapeake Energy, and several others. Unfortunately, the stocks are seeing declines today as investors express their fear of the deal not happening.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be watching CLF, RIG, and CHK very closely. In doing so, we’ll be keeping a close eye on the OPEC story and updating you as the story continues to develop!
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