Seadrill Ltd (NYSE: SDRL)
Seadrill is having a very strong start to today’s trading session. Since the opening bell when the stock found itself in the green, we’ve only seen gains. Below, we’ll talk about what we’re seeing from the stock, why, and what we’ll be watching for with regard to SDRL ahead.
What We’re Seeing From SDRL
As mentioned above, Seadrill has been off to an incredible start to today’s trading session. When the opening bell rang, the stock found itself well into the green. Since then, it has only climbed higher. At the moment (11:00), SDRL is trading at $3.24 per share after a gain of $0.44 per share (15.95%) thus far today.
Why The Stock Is Climbing
The truth is that SDRL isn’t the only stock that’s climbing in the oil and energy sector. In fact, if you take a look at the sector, you’ll notice that, at the moment, it’s a sea of green. The gains that we’re seeing are the result of the OPEC news that was released yesterday.
For those of you who missed it, OPEC finalized a deal to cut production yesterday. According to the deal, the oil cartel will start to cap production at about 1 million barrels less per day than previous levels. This is a big step with regard to finding a solution to the global oil supply glut. At the end of the day, that’s a great thing for Seadrill and the rest of the oil sector.
What We’ll Be Watching For Ahead
Moving forward, there’s no doubt that the oil and energy sector will create profitable opportunities. So, we’ll be watching SDRL and others and following any developments with regard to the supply of and demand for oil. As we uncover the news, we’ll be sure to bring it to you!
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