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EOG Resources Inc. Shares Crashes

EOG Resources Inc. shares dropped 0.26% to $85.77 Friday. This proved to be an all-around positive trading session for the stock market, with the S&P 500 Index SPX rising 0.75% to 4,352.34 and the Dow Jones Industrial Average DJIA rising 0.44% to 34,786.35.

EOG Resources Inc. closed $2.22 below its 52-week high ($87.99), which the company reached on June 7th. The stock demonstrated a mixed performance when compared to some of its competitors Friday, as ConocoPhillips COP fell 0.21% to $62.75, Pioneer Natural Resources Co. PXD fell 0.39% to $166.74, and Occidental Petroleum Corp. OXY fell 0.85% to $32.58.

EOG Resources Inc trading volume (2.9 M) remained 1.2 million below its 50-day average volume of 4.0 M.The stock’s fall snapped a two-day winning streak.The volatile oil exploration and production companies will be the most affected by the OPEC meeting’s outcome, as their fortunes are tied to commodity price fluctuation. Energy investors will be closely tracking the S&P components, including the likes of Marathon Oil, Diamondback Energy, Occidental Petroleum, EOG Resources and Zacks Rank of #1 (Strong Buy) Hess Corp.

These are some of the best-performing S&P 500 energy stocks so far this year. Marathon Oil is up 99.85% in the year-to-date period, followed by Diamondback (91.36%), Occidental (80.82%), Devon (80.02%), EOG (65.05%) and Hess (63.27%). Crude supplies declined to the pre-lockdown levels, with U.S. commercial stockpiles down by nearly 9% since mid-March. Stocks fell to just 41.7 million barrels at the key storage hub last week, the lowest since March 2020.

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