Net worth tracking
Login Sign Up
  • All Opinions
  • Top Picks
  • Discover
  • Companies
  • Experts
WATCH LIST
Home » Daily

American oil hits doomsday, Shopify soars

Allan TongAllan Tong Posted On April 20, 2020
0
201 Views
0
0
Shares
  • Share On Facebook
  • Tweet It

Forget last week’s record cutbacks by OPEC. Forget talk of easing the lockdown. American oil crashed Monday with a horrible thud as a barrel of WTI closed $-30.75. Yes, negative for the first time. And for the first time in ages, WCS actually closed higher than its American counterpart just above $3, to be precise, though Western Canadian Select shed 16% for the day. With hardly anyone driving during this lockdown, plus those OPEC cuts not kicking in until Monday, and after the Saudis and Russians have already flooded the market with excess oil, American oil producers face doomsday as they stave off bankruptcy and grown men weep in the streets.

Chevron fell 4.13% and Exxon plunged 4.72%. The pessimism infected all the Dow components, which altogether slid 2.44%. The S&P and especially the Nasdaq fared better but they too closed in the red.

Though Canadian stocks also sold off, the energy sector declined  relatively mild 1.53%. Among the winners were nat gas producer, Peyto, which soared 18.5%, and agricultural supplier, Ag Growth, which popped 15.11%. Materials and tech enjoyed a strong session, helping to keep the TSX afloat. The Toronto exchange closed flat, up 0.2%. Homemade tech titan, Shopify, rocketed 6.74% to become Canada’s second-largest stock, vaulting over $100 billion in market cap.

🛢 Chevron Texaco -4.13%
🛢 Exxon Mobil -4.72%
🛢 Peyto Exploration & Develop. +18.50%
🏗 Ag Growth International Inc +15.11%
🛍 Shopify Inc. +6.74%

Post Views: 201
0
Shares
  • Share On Facebook
  • Tweet It




Trending Now
Canadian Tire Corporation Ltd., Royal Bank and More at 52-week Highs (Jan 06-12)
Melisa R. H. January 13, 2021
KB Home, Verizon Communications and 20 Stock Top Picks (Jan 08-14)
Melisa R. H. January 15, 2021
Read Next

Oil slump continues to pressure markets

  • We're the Stock Chasers
    Hi! We are the Stock Chasers. We write about investing and finance tools we love. We’re passionate about fintech and we invest almost all our affiliate and advertising revenues into the development of Stockchase and Wealthica. We hope you enjoy the stock ideas and product reviews!
  • Join 39,652 Investors

    Winning in the Market eBook
    We deliver stock ideas to your inbox. Sign up free, get the ebook!

  • Top Reviews

    • The Ugly Truth About Identity Theft – Free Credit Report
      10
    • Questrade Review: Pros & Cons of Trading with Questrade Canada (2020)
      8.5
    • Questrade vs Others | The Review Competitors Don’t Want you to Read (2020)
      7.4
  • Popular Posts

    • Canadian Tire Corporation Ltd., Royal Bank and More at 52-week Highs (Jan 06-12)
    • KB Home, Verizon Communications and 20 Stock Top Picks (Jan 08-14)
    • Cogeco Cable, TheScore Inc. and More Earnings Reports this Week (Jan 11-15)
    • Battle of the Stocks: Proven Tech Stocks to Buy in 2021
    • Top 8 ETF Stocks To Watch in 2021
  • Stock Lists

    • 4 Proven Financial Stocks Riding the Blue Wave
      January 13, 2021
    • Top 8 ETF Stocks To Watch in 2021
      January 8, 2021
    • Top 10 Finance Stocks To Watch in 2021
      January 7, 2021
    • Top 5 Energy Stocks To Watch in 2021
      January 6, 2021
    • Battle of the Stocks: Proven Tech Stocks to Buy in 2021
      December 22, 2020


  • Get $50 in free trades.


  • Stockchase neither recommends nor promotes any investment strategies.

    About us : Privacy & Terms : Contact us

© Stockchase Inc.
Press enter/return to begin your search