Image source: Marathon Oil.
The price of crude seemed to run out of gas after touching
$40 a barrel a couple of weeks ago, with a slump shortly after
topping that mark. After a short breather, it made another run
at $40 a barrel this week, rising 7% and closing at just over
$39 per barrel. That rally was enough to restart the rebound in
oil stocks, sending many up by double digits.
S&P Capital IQ
data, among the best-performing energy stocks during this
Memorial Resource Development
For the most part, oil was the only fuel behind this week's
rally. But Synergy Resources and Whiting Petroleum did have
some positive analyst notes put out on them this week. In
Synergy Resources' case, it was initiated at a buy, while
Whiting Petroleum was one of nine "Goldilocks" oil stocks that
should do well in the long term as long as oil stays around $35
per barrel this year.
In some waysm analysts' calls also fueled the rallies in
Marathon Oil, Memorial Resource Development, and Rice Energy.
However, those calls were made the week before and seemed to be
overlooked until oil started rallying.
To learn more about why these stocks moved so sharply, check
out the following slideshow.
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Crude's 7% Surge Reignited the Oil Stock
Rally This Week
Crude's 7% Surge Reignited the Oil Stock Rally
This Week (WLL, MRO, RICE, MRD, SYRG)
originally appeared on Fool.com.
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