12 Oil Stocks That Are Crushing the Market Today

This article was originally posted here

What happened?

Today's a good day to own stocks of all kinds. It's incredibly good for oil stock investors, with many companies in the oil patch seeing their shares rocket higher than the 2.5% gains the S&P 500 is enjoying so far. 

One group of oil stocks in particular is surging today: oilfield services companies. Here is a round dozen that are all up 5% or more:

Oilfield services companyPrice change on 6/5/20
NOW, Inc. (NYSE:DNOW)14.9%
Halliburton Company (NYSE:HAL)10.2%
Helix Energy Solutions Group, Inc. (NYSE:HLX)20.6%
Liberty Oilfield Services, Inc. (NYSE:LBRT)14.9%
Nextier Oilfield Solutions, Inc. (NYSE:NEX)14.2%
National-Oilwell Varco, Inc. (NYSE:NOV)8.9%
Oceaneering International, Inc. (NYSE:OII)10.2%
Oil States International, Inc. (NYSE:OIS)16.4%
Propetro Holding Corp (NYSE:PUMP)9.55%
RPC, Inc. (NYSE:RES)10.9%
Schlumberger N.V. (NYSE:SLB)7.4%
Core Laboratories N.V. (NYSE:CLB)13.5%
AS OF 2:39 P.M. EDT 6/5. DATA SOURCE: YCHARTS.

So what

Oil stocks are getting a boost for the same reason most stocks are today: positive news on the jobs front. According to the latest Department of Labor report, U.S. employers added 2.5 million people to their payrolls in May, mostly in retail, restaurants, and other service jobs that were lost during the government-ordered lockdown to slow the spread of COVID-19 in March and April. 


Oilfield worker.

IMAGE SOURCE: GETTY IMAGES.

This signals what many investors have expected: The economy could recover quickly from the sharp, deep fall into recession that crashed oil prices and demand and saw some 30 million Americans file for unemployment. As millions of those who have lost work return to their jobs, there is hope that the worst is over for the oil sector, which has struggled with the biggest collapse in demand in history. 

In addition to some positive news for the economy, there's more potential good news on the way. OPEC+ is set to meet this weekend, and the expectation is that the group, led by Saudi Arabia and Russia, will agree to hold firm on current oil output levels for at least another month. 

Now what

Between unexpectedly strong jobs numbers that indicate the economy could indeed experience a “v-shaped” recovery, and global oil giant OPEC+ indicating it will continue to stabilize the market, investors are optimistic about oil companies, and hopeful that the worst could be over. 

And that's certainly possible, but investors should continue to step carefully in the oil patch. The companies above make a living providing a variety of services to the oil and gas sector, and the reality on the ground continues to support very limited spending in the weeks and months ahead. 

DNOW Chart

DNOW DATA BY YCHARTS

After all, there is still a large oversupply of oil; U.S. commercial storage was at 532 million barrels last week, 12% above the five-year average, and global oil inventories have increased by some 1 billion barrels over recent months. In the U.S., gasoline and diesel inventory increased far more than the 2.3 million-barrel drawdown in crude. 

It's nice to see some optimism, but today's upward move looks to be a lot of investors looking to get in ahead of the actual recovery. With oil prices still in the $30s, oil producers are unlikely to ramp up spending ahead of more proof that demand is bouncing back. 

And that reality on the ground means it's still a tough time to be in the oilfield services business. Until there is clear evidence that the supply and demand balance is coming inline, and oil prices recover enough to support a recovery in activity, investors should be cautious in this subsector of the oil and gas business. 

Editor's Note: Get Paid Every Time Amazon Ships A Package

This shocking news could make you $48,000 richer…

After 24 years of steady growth, Amazon has been accused of being anticompetitive.

And it's been quietly slapped with a “tax” that's worth more than $938.2 million every single year.

Now, thanks to U.S. law, you can claim your slice of this jackpot and collect up to $48,000 over the next year.

All you'll need to do is follow the steps in this presentation.

I urge you to act quickly.

Get the full details here.

P.S. In the time that it’s taken you to read this email, Amazon has shipped 2,083 packages. Imagine if you could get paid every time a package left the warehouse floor… You can. Click here to enroll for your $48,000 payout.

Is Amazon Obligated to Pay You?

Thanks to a U.S. law, you can claim your slice of this jackpot and collect up to $48,000 over the next year.

Enter your email below to find out how.


By submitting your email address, you give Todays Top Picks permission to deliver the report or research you’re requesting to your email inbox. As a bonus, you will also get a free subscription to one of our carefully selected marketing partners. You can unsubscribe at any time To review our privacy policy, click here: Privacy Policy | How it Works

By submitting your email address, you give Today’s Top Stocks and Morning Bullets permission to deliver the report or research you’re requesting to your email inbox. You can unsubscribe at any time. To review our privacy policy, click here: Privacy Policy | How it Works

#1 Energy Pick

This little-known Silicon Valley company is using AI to do something incredible…
Enter your email address to receive the name and ticker symbol of the #1 tech bargain stock now.


By submitting your email address, you give Todays Top Picks permission to deliver the report or research you’re requesting to your email inbox. As a bonus, you will also get a free subscription to one of our carefully selected marketing partners. You can unsubscribe at any time To review our privacy policy, click here: Privacy Policy | How it Works

By submitting your email address, you give Today’s Top Stocks and Morning Bullets permission to deliver the report or research you’re requesting to your email inbox. You can unsubscribe at any time. To review our privacy policy, click here: Privacy Policy | How it Works

#1 EV Breakthrough of 2022

Louis Navellier is about to give away the ticker symbol of an overlooked battery company… one set to skyrocket in value as the EV boom gets underway. 
Simply enter your email below to learn the name of this company today…


By submitting your email address, you give Todays Top Picks permission to deliver the report or research you’re requesting to your email inbox. As a bonus, you will also get a free subscription to one of our carefully selected marketing partners. You can unsubscribe at any time To review our privacy policy, click here: Privacy Policy | How it Works

By submitting your email address, you give Today’s Top Stocks and Morning Bullets permission to deliver the report or research you’re requesting to your email inbox. You can unsubscribe at any time. To review our privacy policy, click here: Privacy Policy | How it Works

Anyone can invest like “The People’s Shark” with as little as $100

You no longer have to be rich, famous, or powerful to become an angel investor. Starting now, it’s possible for you to get involved in these life-changing deals.
Enter your email address for all the details of this once-in-a-lifetime investment opportunity.


By submitting your email address, you give Todays Top Picks permission to deliver the report or research you’re requesting to your email inbox. As a bonus, you will also get a free subscription to one of our carefully selected marketing partners. You can unsubscribe at any time To review our privacy policy, click here: Privacy Policy | How it Works

By submitting your email address, you give Today’s Top Stocks and Morning Bullets permission to deliver the report or research you’re requesting to your email inbox. You can unsubscribe at any time. To review our privacy policy, click here: Privacy Policy | How it Works

Is L.A.S.E.R. The Greatest Tech Breakthrough in History?

A $3.5 trillion megatrend… spearheaded by Elon Musk is bringing what could be the most disruptive, revolutionary tech breakthrough the world has ever seen, with one small company sitting at the center.
Enter your email address to receive the name and ticker symbol of this once-in-a-lifetime investment opportunity.


By submitting your email address, you give Todays Top Picks permission to deliver the report or research you’re requesting to your email inbox. As a bonus, you will also get a free subscription to one of our carefully selected marketing partners. You can unsubscribe at any time To review our privacy policy, click here: Privacy Policy | How it Works

By submitting your email address, you give Today’s Top Stocks and Morning Bullets permission to deliver the report or research you’re requesting to your email inbox. You can unsubscribe at any time. To review our privacy policy, click here: Privacy Policy | How it Works

2,467% Return on Israeli Laser Company

Learn the 3 Steps You Need to Protect Your Retirement and One Stock that Could Soar 2,476% in Nine Months.
Enter your email address to receive the name and ticker symbol of this once-in-a-lifetime investment opportunity.


By submitting your email address, you give Todays Top Picks permission to deliver the report or research you’re requesting to your email inbox. As a bonus, you will also get a free subscription to one of our carefully selected marketing partners. You can unsubscribe at any time To review our privacy policy, click here: Privacy Policy | How it Works

By submitting your email address, you give Today’s Top Stocks and Morning Bullets permission to deliver the report or research you’re requesting to your email inbox. You can unsubscribe at any time. To review our privacy policy, click here: Privacy Policy | How it Works

One Tweet From Elon Could Blow This Story Wide Open

Last year, anyone who listened to this man about Tesla could’ve made EIGHT TIMES their money. Now he’s revealing how Elon’s NEXT big move will revolutionize ANOTHER massive $23 trillion market.
Enter your email address to receive the name and ticker symbol of this once-in-a-lifetime investment opportunity.


By submitting your email address, you give Todays Top Picks permission to deliver the report or research you’re requesting to your email inbox. As a bonus, you will also get a free subscription to one of our carefully selected marketing partners. You can unsubscribe at any time To review our privacy policy, click here: Privacy Policy | How it Works

By submitting your email address, you give Today’s Top Stocks and Morning Bullets permission to deliver the report or research you’re requesting to your email inbox. You can unsubscribe at any time. To review our privacy policy, click here: Privacy Policy | How it Works

$25 to Profit from 20,000 IPOs

Days from now — 20,000 ‘IPOs’ could start flooding the market…
Enter your email address to reveal how anyone with $25 can stake their claim.


By submitting your email address, you give Todays Top Picks permission to deliver the report or research you’re requesting to your email inbox. As a bonus, you will also get a free subscription to one of our carefully selected marketing partners. You can unsubscribe at any time To review our privacy policy, click here: Privacy Policy | How it Works

By submitting your email address, you give Today’s Top Stocks and Morning Bullets permission to deliver the report or research you’re requesting to your email inbox. You can unsubscribe at any time. To review our privacy policy, click here: Privacy Policy | How it Works

"Bio-Chip" Sparks Potential 199,900% Surge by 2025

Sign up below for all the details on this tiny company being considered a once-in-a-lifetime investment opportunity.


By submitting your email address, you give Todays Top Picks permission to deliver the report or research you’re requesting to your email inbox. As a bonus, you will also get a free subscription to one of our carefully selected marketing partners. You can unsubscribe at any time To review our privacy policy, click here: Privacy Policy | How it Works

By submitting your email address, you give Today’s Top Stocks and Morning Bullets permission to deliver the report or research you’re requesting to your email inbox. You can unsubscribe at any time. To review our privacy policy, click here: Privacy Policy | How it Works