WPX - Shale Drilling Stocks Were Surging But This Bad News Killed the Rally
Shale oil producer stocks were surging today, riding a 25% increase in West Texas Intermediate crude futures higher. In early trading, many shale-focused independent oil producer stocks were up more than 10%. Here are some of the more notable companies with shale or other unconventional oil production that moved up big in early trading:
Data Source: Yahoo! Finance. Prices as of 1:16 p.m. EDT on April 22.
However, nothing worse than the shocking reality of mathematics took the air out of the shale driller's exuberant rally. The U.S. Energy Information Administration (EIA) released its weekly petroleum data summary, and the numbers were a stark reminder that the U.S. oil industry is at risk of drowning in crude.