Shares of independent oil producers are surging on May 18, following word out of China that the country's domestic consumption of oil has recovered much more quickly than expected. According to reports from Bloomberg, refined oil products like gasoline and diesel are being consumed at close to the levels in China earlier this year, before the country implemented severe limits on travel to arrest the spread of coronavirus.
As a result of this news, crude futures moved much higher around the world. Brent and West Texas Intermediate futures, for July and June delivery respectively, are up more than 7% at this writing to the highest levels since early March.
And this has stocks of independent oil producers up by double digits:
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Source: Motley Fool
(May 18, 2020 - 3:13 PM EDT)
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