Summary:
- Earnings report from shells Q1 announcement.
- Concerns around supply driving the share price increase.
Read next: Lyft Stocks Face Major Negative Sentiment Despite Q1 Results Exceeding Expectations.
Oil Giant Shell's stock price is up almost 0.7% on Friday.
Oil Giant Shell's stock price is up almost 0.7% on Friday. The outlook for crude oil supply is looking bleak as Washington pumps out their reserves in an attempt to control soaring prices. In addition the European Union's plans to cut off their oil imports from Russia within the next 6 months are causing the price of crude oil to increase, pushing up Shell's profits and therefore their share prices.
Shell earnings cause favourable market sentiment.
Shell released their earnings report this week and reported their highest quarterly earnings since 2008. Shell followed suit to the rest of the oil and gas industry. Shell announced plans to increase their DPS by 4% improving investor sentiment.
The favourable earnings and high profits of Shell come in a time where the rest of the market is struggling, lawmakers are calling for oil companies to be taxed higher and use the tax increase to help struggling families.
Shell Price Chart
Read next: WTI Crude Oil Prices Soaring Today Amidst The EU Announcing Their Plans To Ban Russian Oil Imports.
Sources: finance.yahoo.com, cnbc.com, wsj.com
