Some heavily shorted oil companies are seeing big gains as investors rush to cover their positions and avoid losses.
Shares of energy companies shot up Monday in the wake of the aerial attack on Saudi Arabia’s Abqaiq oil facility. That led to the suspension of about 5% of world oil production, the largest supply disruption ever.
Read: Why the Saudi oil attack is a ‘big deal’ that could be a ‘game changer’ in stock markets and crude prices Early Monday, the SPDR Energy ETF XLE, +2.63% was up 3.4%. Shares of Exxon Mobil XOM, +1.60%, which make up 23% of the ETF, were up 3.1% in early trading, while Chevron CVX, +1.92%, which makes up 21% of the ETF, was up 2.8%.
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