Daily Energy Market Summary: #148 – 10/29/2020

Published October 29, 2020 10 Views

Rumble Bulls are back! Stock soar ahead of big tech earnings and better than expected GDP growth for the US. U.S. gross domestic product for the third quarter expanded at a 33.1% annualized pace, its fastest growth ever. The reading came after a 31.4% plunge in the second quarter and was better than the 32% estimate from economists surveyed by Dow Jones.

• S&P 500: 2.01%
• Nasdaq: 2.24%
• Dow Jones: 0.69%

Shares of Amazon and Apple were up by 1.4% and 3.2%, respectively. Alphabet traded 3.1% higher and Facebook popped 5%. All four companies are set to report earnings after the bell Thursday.

Oil and Gas News Today
Earnings season in earnest helps hold off massive loses, but crude oil prices still down over 2.5%, settling at $36.55. Natural gas prices climb HUGE after smaller than expected build (+29 bcf)

,North American Shale News

• CNX earnings, reports loss
• OVV earnings, reports loss
• QEP earnings
• ExxonMobil cuts 1,900 jobs in Houston
• COP loses $300 million in Q3

International

• DOE Coal FIRST Initiative
• Shell Q3 earnings…

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