The Biden Administration is understandably eager to reduce gas prices, but its idea to curb U.S. fuel exports is likely to backfire
Oil stocks were gaining broadly today as the stock market jumped to start the fourth quarter, and as the price of oil rose on signs that OPEC+, which includes Russia, may cut its daily production. Crude oil futures rose 5% on the day, and Treasury yields were down sharply in response to the U.K.'s plan to reverse a tax cut and on news that Credit Suisse's financial health could be in doubt. With the 10-year Treasury yield falling 4%, stock prices soared as falling yields tend to be bullish for stock prices, especially as investors have been nervous about rising interest rates.
TotalEnergies (TTE) is set to gain from diverse assets, the evolution of its renewable portfolio and the expansion of LNG assets. Political instability in some areas and strong competition are headwinds.