COM - Oil and gas stocks surge as U.S. crude hits $112/bbl
At least seven major oil and gas stocks have hit fresh 52-week highs Wednesday, as energy (XLE +2.6%) battles with the financials group for the top of the day's S&P sector leaderboard with crude oil remaining elevated by continued support from geopolitical uncertainty. Chevron (CVX +3.3%), Occidental Petroleum (OXY +4%), ConocoPhillips (COP +2.1%), Williams (WMB +3.5%), Pioneer Natural Resources (PXD +1.7%), APA Corp. (APA +2%) and EOG Resources (EOG +0.9%) all touched multiyear highs before narrowing their gains; other notable gainers include OKE +5.5%, CTRA +4.9%, BKR +4.8%, SLB +3.4%. WTI April crude (CL1:COM) +5.5% at $109.15/bbl, though it trades a bit below its morning high of $112.51, which was its highest level since May 2011, and May Brent (CO1:COM) +5.8% at $111.08/bbl, its best since June 2014. ETFs: USO, UCO, BNO, XOP, VDE, OIH "Brent crude could surge to the $120 level if the oil market starts to think it is likely
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Oil and gas stocks surge as U.S. crude hits $112/bbl