SWN - Why Southwestern Energy Tellurian and NextDecade Were Rocketing Higher Today
Shares of natural gas-focused companies Southwestern Energy (NYSE: SWN) , Tellurian (NASDAQ: TELL) , and NextDecade (NASDAQ: NEXT) were all screaming higher on Friday, up 14.7%, 19.3%, and 32%, respectively, as of 3:47 p.m. ET.
All three companies are involved in the liquified natural gas space, and President Joe Biden and European leaders announced a new natural gas deal on Friday to help ween Europe off of Russian supplies. That could spell increased business for these three companies over the next decade.
On Friday, Biden and European Commission President Ursula von der Leyen announced a deal in principle to help Europe diversify its supplies of natural gas, which is primarily used for electricity and heating. Before the invasion of Ukraine, Europe depended heavily on Russia's natural gas for its supplies. Overall, Europe imported about 165 billion cubic meters (bcm) of natural gas from Russia last year, or about 40% of its usage, compared with just 25 bcm from the U.S.
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Why Southwestern Energy, Tellurian, and NextDecade Were Rocketing Higher Today