Why EnLink Midstream Stock Jumped 13% on Monday

Shares of midstream-focused EnLink Midstream (NYSE: ENLC) started June 15 off in the loss column, as did much of the market and, particularly, the energy sector. At one point in early trading the stock was lower by as much as 6.5%. However, that quickly changed, with the stock eventually rising nearly 16% in the early afternoon. By roughly 3:30 p.m. EDT EnLink's shares had settled into a roughly 13% gain. 

Early in the day, investors were in a "risk off" mood. Nothing was going to dissuade Wall Street from punishing U.S. oil-related names as the price of West Texas Intermediate (WTI, a key U.S. benchmark) was lower by around 5% when the stock market opened. But investors' increasingly mercurial moods shifted and oil regained its losses...and then some. WTI was up by around 2.2% at 3:30 p.m. EnLink's share price, which tracked fairly closely with WTI on the downside, far outstripped it on the upside.

Image source: Getty Images.

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Source Fool.com