GLOP - Why Chart Industries GasLog and GasLog Partners Stocks All Popped 10% (or More) Today
Energy markets are looking decidedly quirky today. In Wednesday trading, we saw the price of West Texas Intermediate crude oil rise 24.9%, and Brent crude go up 11.3%. However, prices of natural gas -- oil's lighter, cleaner, more environmentally correct cousin -- are heading in the other direction, down 3.7%.
Weirdly, the prices of Chart Industries (NASDAQ: GTLS), GasLog (NYSE: GLOG), and GasLog Partners (NYSE: GLOP), three companies tightly tied to the fortunes of the natural gas market, followed oil prices up today -- not gas prices down. By the closing bell, Chart stock ended up 8.5%, GasLog up 16%, and GasLog Partners up most of all -- 24.6%.
What gives?