Due to the upcoming holiday, there is no Lunchtime News today. Just Oil Scanning the various business media yesterday, many reports on a rally in the shares of oil services and drilling companies characterized the move as confounding in the face of a drop in oil prices. It's not just oil prices that matter to these companies, and 2.
Futures markets are very efficient.
Ignore them and focus on spot prices at your peril. The other part of the media coverage and some investors' analyses that misses the boat is a focus on spot prices, which isn't how drilling companies and energy producers look at the business. They look at futures prices. Markets or directly in the futures part of that area. Those executives aren't sitting on the edge of their seats looking at spot prices because they can sell oil and gas many years into the future through the commodities markets.