Weekly Report: what happened at OIH last week (0415-0419)?

U.S. restricts oil and gas drilling across Alaska's North Slope in new regulation

Oil Services Breaks Below 200-Day Moving Average - Notable for OIH

Oil Price Shock 2024: The Path To $300

Oil prices could face increased uncertainty – TD Securities

TD Securities says the outlook for oil prices could face increased uncertainty as geopolitical tensions continue to escalate in the Middle East. Oil currently trades near $85.20/bbl, higher in 2024 by 19.5%. The recent upswing in April has oil trading near highs not seen since late October of 2023.

Weekly Report: what happened at OIH last week (0408-0412)?

U.S. hikes royalty fees for drilling on federal lands for first time in a century

Energy U.S. Hikes royalty fees for drilling on federal lands for first time in a century. The Biden administration says it is increasing the costs for oil and gas companies to drill on public lands. The minimum amount companies can bid at auctions will increase to $10/acre from $2/acre.

OIH: Moving Higher With Crude Oil

VanEck Oil Services ETF has been catching up with crude oil prices. The low level of the U.S. Strategic Petroleum Reserve, or SPR, is bullish for crude oil. The election of the next president will likely determine the dominance of crude oil as an energy commodity. A break above technical resistance at the September 2023 high could ignite the oil services ETF.

Tuesday's ETF Movers: ARKW, OIH

Weekly Report: what happened at OIH last week (0401-0405)?

Schlumberger Is Thinking 10 Years Ahead With The ChampionX Acquisition

Schlumberger acquired ChampionX this past week in an all-stock deal valued at $8 billion. Schlumberger is positioning itself for the 2030s with the acquisition of the production chemicals business. The company is looking to establish leadership in a new market and a less risky cash flow stream. ChampionX competes with SLB in the drilling and artificial lift technologies.

ETFs to Gain & Lose From Higher Oil Price

Crude oil pushes higher on global tensions, signs of strong U.S. gasoline demand

U.S. Crude oil futures close at new five-month highs. Crude prices lifted by a large drop in inventories and signs of strong demand ahead of the summer driving season. The EIA reported a larger than expected drawdown in U.s. Gasoline inventories. OPEC+ said it will keep output cuts in place through June.

Should You Invest in the VanEck Oil Services ETF (OIH)?

Energy the day's top S&P sector as supply threats push crude oil to five-month high

Commodities Energy Energy the day's top S&P sector as supply threats push crude oil to five-month high. Front-month WTI crude oil futures climb to a five- months high. Phillips 66, Valero Energy and other oil refiners were day's three biggest gainers on the S&p 500.

ChampionX, Schlumberger Shares Move In Opposite Directions After $8B Deal Announcement

Schlumberger Ltd. Will acquire ChampionX Corp. In an all-stock deal. ChampionX shareholders will receive 0.735 shares of Schlumberger in exchange for each ChampionX share. The company expects to realize annual pretax synergies of around $400 million.

5 Top ETFs of the Best-Performing Sector of March

Weekly Report: what happened at OIH last week (0325-0329)?

Stocks Inch Higher, Tesla Rebounds, Bitcoin Holds Below $70,000: What's Driving Markets Tuesday?

The S&P 500 is set to break a two-day losing streak on Tuesday, up 0.3% during midday trading in New York. The Dow Jones Industrial Average, the Nasdaq 100 and the Russell 2000 all experienced a 0.2% rise. Market volatility remained remarkably low, with the VIX index holding below the 13 mark. New orders for manufactured durable goods increased by 1.4% month-over-month in February 2024.

Gold Mining Stocks Eye Best Month In A Year As 'Golden Era' For The Precious Metal Looms

March 2024 has been a golden month for gold mining stocks, marking their best performance in a year. The VanEck Gold Miners ETF (GDX) saw a robust rally of over 13% this month. A mix of anticipation for lower interest rates and robust demand from central banks sent gold prices soaring.