EQT - Oil Prices Are Cratering Yet These Energy Stocks Are Surprisingly Surging Today
WTI, the U.S. oil price benchmark, is crashing today. May contracts for that oil benchmark have nosedived more than 40% to around $10 a barrel, its lowest level since 1986. However, that's mainly due to near-term storage issues in the U.S. That's why the global benchmark, Brent, is only down about 6% on the day while WTI contracts that expire in later months are down even less. December, for example, is only off by about 1% today and still trades at more than $30 a barrel.
As a result, most energy stocks aren't falling very much today. Quite the opposite in some cases, as several are rallying sharply because slumping oil prices in the near term will benefit them in the future. Leading the charge higher are Antero Resources (NYSE: AR), Antero Midstream (NYSE: AM), EQT (NYSE: EQT), and Crestwood Equity Partners (NYSE: CEQP), which were all up more than 10% by 11:45 a.m. EDT on Monday.
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