CEIX - Energy complex rallies on higher oil gas coal prices
Oil prices (CO1:COM) traded up ~6% Tuesday, as Shanghai relaxed Covid-related lockdowns, OPEC missed production targets, and the DOE released a bullish short-term energy outlook. Prices have been on a downward spiral since the Administration coordinated an historic release of strategic reserves last month; however, WTI (CL1:COM) looks likely to close above $100 Tuesday. While oil regained $100, natural gas (NG1:COM) continued its march higher, hitting another 13-year high. And seaborne coal prices rose over ~4%, with Newcastle closing above $300/t. The commodities lifted energy equities, with coal stocks like Peabody (BTU), CONSOL (CEIX) and Alliance (ARLP) leading the sector higher. Oil-focused E&Ps like Devon (DVN), Continental (CLR) and Ovintiv (OVV) rallied 3%+ on the day. While natural gas names like EQT (EQT) and Southwestern (SWN) traded up 1-2%.
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Energy complex rallies on higher oil, gas, coal prices