Why Lesser-Known Oil and Gas Stocks Soared Today

why lesser known oil and gas stocks soared today

Sumary of Why Lesser-Known Oil and Gas Stocks Soared Today:

  • EDT, including: So what Prices of oil and natural gas are on a stellar run, and there appears to be no stopping them.
  • As of this writing, natural gas prices are up 3.5% after popping more than 6% in early morning trading, while the price of West Texas Intermediate (WTI) — a U.S. oil price benchmark — was trading up 3%.
  • 20 lows, while natural gas prices have jumped an astounding 39% over the period.
  • The stunning rally in prices has set oil and gas stocks on fire, and it may not fizzle out just yet.
  • The American Petroleum Institute (API) confirmed those fears with its weekly inventory report released on Sept.
  • API reported a drop of roughly 2.9 million barrels in the previous week.
  • Just the other day, the Organization of Petroleum Exporting Countries (OPEC) projected demand for oil to cross pre-pandemic levels in 2022. Fear has gripped the natural gas market even harder given supply disruptions during the peak inventory buildup season ahead of the winter months.
  • Until last quarter, the company expected to hit that target by early 2022, but that’s likely to happen even earlier given the exponential rise in natural gas prices.

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