Shares of exploration and production company Oasis Petroleum (NYSE: OAS) rose nearly 25% in early trading on July 1. The stocks of fellow energy players Northern Oil & Gas (NYSEMKT: NOG) and Centennial Resources (NASDAQ: CDEV) advanced roughly 11% and 9%, respectively. By 10:30 a.m. EDT, all three had pulled back from their highs, with Oasis up a still impressive 14.5%, Northern 6.5%, and Centennial 4%.
There was no specific news released by any of the companies here that would have precipitated their stock moves. However, oil prices were up in early trading. And since each of the companies relies on this highly volatile commodity to power its top- and bottom-line results, the uptick in oil helped push a more positive mood among investors in the stocks. This is simply par for the course, with energy stocks in general showing a great deal of volatility of late.
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