MCF - Why Centennial Resource Development Antero Resources and Contango Oil & Gas Rallied at the Open Today
Shares of Centennial Resource Development (NASDAQ: CDEV) rose a quick 10% at the open on Feb. 16. Antero Resources (NYSE: AR) rose a bit more, gaining 11% in the first half hour of trading. Contango Oil & Gas (NYSEMKT: MCF) did even better than that, with an 18% jump. And trouncing them all was Torchlight Energy Resources (NASDAQ: TRCH) , up an incredible 58%. That, however, is a notable outlier and Torchlight was the only company here that issued material news.
Texas has had a rough few days, with cold weather sending the state into something of a tailspin. One of the biggest problems has been on the electricity front, where rolling blackouts have been used to help ease the strain of increasing demand for electricity. There are numerous reasons for this, and the individual importance of each factor could be debated at length, but the end result is that the supply of natural gas has not been able to keep up with the demand for the fuel.
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Why Centennial Resource Development, Antero Resources, and Contango Oil & Gas Rallied at the Open Today