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.