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Exxon Mobil (NYSE:XOM) closed Wednesday at an all-time high $120.20, +3.2%, riding a rally in crude oil that saw the U.S. benchmark settle at its best level since August last year.
Exxon (XOM) shares have gained nearly 10% YTD, outperforming the S&P 500 Energy Index (NYSEARCA:XLE), which is up 5.3% over the same period.
Crude oil prices surged Wednesday to the highest settlement in 2023, after a steep drop in U.S. crude stocks compounded worries over tight global supplies.
The weekly EIA report showed U.S. crude inventories fell last week by 2.2M barrels to just 416M barrels, the lowest total this year and 4% below the five-year average.
Front-month Nymex crude (CL1:COM) for November delivery ended +3.6% to $93.68/bbl, its biggest gain since July and highest settlement value since August 29, 2022, while front-month November Brent crude closed +2.7% to $96.55/bbl, its best settlement since November 7.
Joining Exxon (XOM) in the day’s top 15 gainers on the S&P 500 were Marathon Oil (MRO) +4.2%, Devon Energy (DVN) +4%, Hess (HES) +3.9%, Occidental Petroleum (OXY) +3.9%, and APA Corp. (APA) +3.2%.
Image and article originally from seekingalpha.com. Read the original article here.