CPG - Why These Oil Stocks Are Rebounding Today
Oil prices continue their slow march back up after cratering to below $15 per barrel, and even flirting with negative oil prices for a day. Today, the June 2020 contract for West Texas Intermediate rose to $33 as of 1:30 p.m. EDT.
That rise in U.S. domestic oil prices is bringing oil and gas companies with it. Even though the price of oil is up 3% today, shares of midstream company EnLink Midstream (NYSE: ENLC); oil and gas producers Kosmos Energy (NYSE: KOS) and Crescent Point Energy (NYSE: CPG); and oil services and equipment providers Helix Energy Solutions (NYSE: HLX) and NexTier Oilfield Solutions (NYSE: NEX) all were up more than 10% as of the time of this writing.
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