Why Oil Stocks Jumped by Double Digits on Thursday
Shares of oil-related stocks jumped on Thursday as some rays of hope for stimulus, political stability, and potentially more oil production gave investors reason to get bullish again. Shares of NexTier Oilfield Solutions (NYSE: NEX) jumped as much as 18.2%, EnLink Midstream (NYSE: ENLC) rose up to 14.3%, Ovintiv (NYSE: OVV) was up as much as 11.7%, and Transocean (NYSE: RIG) jumped 10.8%. Shares of the companies were up 15.5%, 13.9%, 10.8%, and 10.7%, respectively, at the close.
It's also worth noting that oil and natural gas prices were up significantly today. WTI crude ended the day up 3.4% to $41.29 per barrel, Brent crude was up 3.4% to $43.43, and natural gas rose 1.2% to $2.64 per million BTU. It's no surprise that oil stocks are going to rise when commodities are up that much.
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Source Fool.com
