Diamonds and Dogs
Energy (XLE) gushing higher. Brent crude oil is up nearly 2% to a three-year high on Tuesday while U.S. benchmark crude reached close to 2014 peaks after the OPEC+ group of producers stuck to its planned output increase rather than pumping even more crude. Oil prices have already surged more than 50% this year, adding to inflationary pressures, Marathon Oil (MRO), EOG (EOG), Devon Energy (DVN), and Pioneer Resources (PXD) among others trading at new 52 week highs.
Albertsons (ACI) lower on a downgrade. The supermarket chain's stock was downgraded to underperform by an analyst at BMO who is wary of the margin outlook due to a more price-sensitive consumer environment as people stop hoarding and fill their cupboards following the pandemic.
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