Why Oil and Gas Stocks Bounced Back Today
Shares of major oil and gas stocks ExxonMobil (NYSE: XOM), Occidental Petroleum (NYSE: OXY), and Kinder Morgan (NYSE: KMI) were rising more than the market today, up in the 3% range in early trading, before pulling back to a 1.9%, 0.8%, and 1.7% gain, respectively, as of 1 p.m. ET. That was still much better than the overall market, which was negative at that time.
While Kinder Morgan and Exxon each announced asset sales today, it's likely these stocks are bouncing along with oil prices, which rose nearly 3% in morning trading.
Surprisingly, the price of oil has nearly returned to levels where it started the year. However, Hurricane Ian is now threatening some U.S. production. With global supply still a big question mark and today's consumer confidence numbers coming in strong, oil prices are bouncing back.
Source Fool.com
