Why Oil and Gas Stocks Rallied Today
Shares of major international oil and oil-related stocks such as TotalEnergies (NYSE: TTE), APA (NASDAQ: APA), and oil tanker company Torm plc (NASDAQ: TRMD) rallied on Monday, with the stocks up 2.6%, 4.4%, and 3.4%, respectively, as of 12:45 p.m. ET.TotalEnergies has made strides to become more diversified into renewables, but it still gets over half its operating income from oil and gas upstream production. APA is primarily an upstream oil and gas explorer. And Torm is an oil and gas tanker company involved in global oil and gas transport. Today, oil and gas prices had a "relief rally," as the past weekend's OPEC+ cartel announcements of supply increases weren't as large as feared. Furthermore, Ukraine's daring strike against Russia's bomber fleet over the weekend could potentially escalate the war with Russia, throwing into question Russia's supply on the markets once again.Continue reading
Shares of major international oil and oil-related stocks such as TotalEnergies (NYSE: TTE), APA (NASDAQ: APA), and oil tanker company Torm plc (NASDAQ: TRMD) rallied on Monday, with the stocks up 2.6%, 4.4%, and 3.4%, respectively, as of 12:45 p.m. ET.
TotalEnergies has made strides to become more diversified into renewables, but it still gets over half its operating income from oil and gas upstream production. APA is primarily an upstream oil and gas explorer. And Torm is an oil and gas tanker company involved in global oil and gas transport.
Today, oil and gas prices had a "relief rally," as the past weekend's OPEC+ cartel announcements of supply increases weren't as large as feared. Furthermore, Ukraine's daring strike against Russia's bomber fleet over the weekend could potentially escalate the war with Russia, throwing into question Russia's supply on the markets once again.
