CLR - Why Continental Resources Stock Jumped as Much as 12% Today
Shares of U.S. exploration and production company Continental Resources (NYSE: CLR) rose roughly 12% in early trading on April 14. At 3:30 p.m. EDT, the stock had given back a portion of its gains, but was still higher by around 8%.
The big story today for Continental Resources was likely oil prices, which moved notably higher. The International Energy Agency (IEA) increased its outlook for oil demand, based on economic reopenings and vaccine deployment, putting investors into a buying mood in the commodity space. And since the energy company's top and bottom lines are tied directly to the prices of the commodities it produces, it makes sense that investors would also look to buy Continental Resources' shares. Just one day before, meanwhile, OPEC increased its demand outlook, too. So there was probably a bit of a double positive on the oil front.
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Why Continental Resources Stock Jumped as Much as 12% Today