Why EOG Resources Stock Surged More Than 25% in February
Shares of EOG Resources (NYSE: EOG) jumped 26.7% in February, according to data provided by S&P Global Market Intelligence. The main factor fueling the oil stock was higher crude prices, which more than offset some selling pressure following its fourth-quarter results and 2021 outlook.
Oil prices were in rally mode last month. The primary U.S. oil price benchmark, West Texas Intermediate, surged nearly 20% during the month to more than $60 a barrel. That pushed crude oil close to its best level in almost two years. Fueling the price of oil was the support of OPEC. It has continued to hold back supply and allow the economy to burn off its excess inventory while demand recovers from the pandemic's impact.
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Source Fool.com
