CVI - Why Is Indonesia Energy (INDO) Stock Up Today?
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Indonesia-based oil company Indonesia Energy (NYSEAMERICAN:INDO) is up a jaw-dropping 100%-plus so far today. It seems that the Russia-Ukraine conflict’s inflationary pressure on energy prices is boosting INDO stock in a big way.
What’s going on with Indonesia Energy?
Well, as Russia continues its invasion of Ukraine, supply-chain concerns have shot the price of oil to near record-highs. Russia is one of the largest producers of natural gas in the world. Now, current sanctions against the country have many predicting increased energy costs across the board. Recently, the price of crude oil reached over $100 per barrel for the first time in nearly a decade.
This is likely the primary force behind INDO stock’s big jump today. The past month has seen Indonesia Energy stock go from around $4 per share in February to today’s $41 price point. This week alone, the stock nearly quadrupled from Monday’s $13 value. Several other energy companies are seeing gains lately as the oil and gas pinch bleeds through into other energy sectors.
What else do you need to know about Indonesia Energy?
INDO Stock Sees Gains As Supply Shortages Inflate Prices
If you recall, Indonesia Energy saw another big jump just two months ago. Back in late January, INDO stock jumped well over 100% after announcing plans to drill new wells within 30 days. This spike was notably short-lived, as by February the stock was already back to its roughly $4 price point.
Indonesia Energy joins a number of oil and gas producers which have seen a recent wave of attention, such as CVR Energy (NYSE:CVI). CVI has since cooled down today, currently trending up just 3%.
It’s unclear how long oil prices and related utilities will be selling for a premium. Regardless, INDO stock fans are likely happy to see the continued gains.
On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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