It was a pretty big week for oil and gas stocks, with Centennial Resource Development (NASDAQ: CDEV) turning out to be one of the top performers in the upstream oil industry . Centennial Resource shares closed Friday up 4.8%, and that drove the stock's weekly gains to a solid 20.5%.
Oil prices soared this week, with Brent crude surging past $80 per barrel, a level last seen in 2018. Natural gas prices also shot up this week to cross $6 per million British thermal units, and although prices softened a bit as the week progressed, they're still hovering around multi-year highs. Oil and gas prices surged as demand remained strong amid tight production thanks largely to Hurricane Ida -- a substantial portion of production in the Gulf of Mexico remained offline this week.
Although higher prices should benefit most oil and gas producers, investors in Centennial Resource are particularly excited for a couple of reasons.
For further details see:
Why This Under-$8 Oil Stock Jumped 20.5% This Week