Why Devon Energy, Tellurian, and Core Laboratories Stocks Rocketed Higher Today
Shares of oil and gas explorer Devon Energy (NYSE: DVN), LNG terminal company Tellurian (NYSEMKT: TELL), and energy services company Core Laboratories (NYSE: CLB) were rallying today, up 7.3%, 6%, and 5.5%, respectively, as of 1:45 p.m. ET on Thursday.
Each of these companies plays in a different part of the energy sector, so it's no surprise their rally came in conjunction with a rise in oil and natural gas prices today, the result of an incrementally bullish report from the International Energy Agency (IEA).
On Thursday, the IEA raised its oil-demand outlook for the rest of 2022, increasing its forecast by 380,000 barrels per day (bpd) to about 99.7 million bpd globally. In response, oil prices were up about 3%.
Source Fool.com