Energy stocks are trading higher today as natural gas and oil prices have jumped. OPEC said it will keep its production ceilings in place, and natural gas prices rose as inventories were much tighter than traders had expected. Markets in general have rallied on the hope that the Fed will take aggressive action when it meets next week; data released today showing lower consumer prices and an increase in jobless claims add more evidence that the U.S. economy has slowed.
Cabot Oil & Gas (COG) is among the largest gainers; shares were recently up 9%. Oil services stocks also rose; Weatherford International (WFT) rose 2.5%.
Larger integrated oil and gas companies also rose. Exxon Mobil (XOM) was up 2% and Chevron (CVX) rose 1.9%.
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