December 2023 Oil Surge: Valero at $85, Marathon Petroleum at $100 Lead Market Rally
Explore how rising oil prices in December 2023 are driving U.S. stock gains, with Valero Energy, Marathon Petroleum, and steelmakers like U.S. Steel making significant advances amid supply chain disruptions.
Bill McColl brings over 25 years of expertise as a seasoned producer and journalist across TV, radio, and digital platforms, spearheading news teams to cover major events shaping today's world.
Market Highlights
- On Monday, December 18, 2023, U.S. stocks climbed midday, led by oil sector gains triggered by oil price spikes following tanker attacks in the Red Sea impacting supply routes.
- Steel industry stocks surged after Nippon Steel announced a $14.9 billion acquisition of U.S. Steel, boosting investor confidence.
- VF Corporation’s shares dropped sharply due to a cyberattack expected to significantly disrupt its operations.
The final full trading week of 2023 opened strong for U.S. equities, with the Dow Jones, S&P 500, and Nasdaq all posting midday gains. Oil producers like Valero Energy (trading around $85) and Marathon Petroleum (near $100) led the rally, capitalizing on crude price increases linked to geopolitical risks.
Steelmakers also benefited, as shares of Nucor and U.S. Steel soared following the Nippon Steel deal announcement. U.S. Steel stock experienced a notable surge reflecting optimism about the merger’s potential.
Costco Wholesale maintained upward momentum for a second day after surpassing earnings expectations and declaring a special dividend, pleasing shareholders.
Conversely, airline stocks such as United Airlines fell amid rising fuel costs, while VF Corporation’s shares plummeted after revealing a cyberattack that may materially impact its Vans and North Face brand operations.
Investors faced challenges with Exelon as the company’s stock declined further following a downgrade by Morgan Stanley tied to regulatory setbacks in Illinois concerning grid modernization and rate hikes.
Gold futures remained stable, 10-year Treasury yields reversed recent declines, and the U.S. dollar showed mixed performance—gaining against the pound and yen but slipping versus the euro. Meanwhile, major cryptocurrencies mostly traded lower.
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