Taking a quick glance at the year-to-date performance of hydrocarbon exploration specialist Murphy Oil (MUR), the narrative doesn’t seem particularly enticing. For one thing, crude oil prices have been relatively muted, even accounting for early April’s surprise production cut by OPEC+. Therefore, it’s not terribly surprising that MUR stock slipped nearly 10% since the January opener.
Another factor to consider is the debt ceiling fiasco. As Barchart contributor Rich Asplund remarked, the equities market printed red ink on Tuesday as negotiations continue about raising the debt ceiling. On Monday, President Joe Biden and House Speaker Kevin McCarthy discussed matters and while the two called their talks productive, an agreement remains elusive.
