Why Frontline Stock Popped, but Exxon and ConocoPhillips Dropped
There's one great reason why Frontline is outperforming Exxon and Conoco stocks today.
Uh-oh. OPEC is up to something, and it's probably not good for oil stocks -- or more precisely, not good for all oil stocks.
Over the weekend, the OPEC+ group of oil producing nations, plus a few that aren't officially a part of the cartel, such as Russia, announced plans to "surge" production of oil in June, as CNBC reports.
Stocks of oil-producing companies including ExxonMobil (NYSE: XOM) and ConocoPhillips (NYSE: COP) are reacting poorly to the news, down 2.5% and 3.6%, respectively, as of 10:20 a.m. ET. In contrast, Frontline (NYSE: FRO) stock, which operates tankers that carry oil products from place to place, is doing very well indeed this morning -- up 3.9%.
