September 9, 2019 - 8:06 PM EDT
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Why Oil and Gas Stocks Are in Rally Mode Today

Oil and gas prices are moving higher today. The U.S. benchmark oil price, WTI, is up more than 2% to nearly $58 a barrel, while natural gas rallied more than 3% to around $2.50 per MMBtu.

Those higher prices are helping fuel big gains in energy stocks. Leading the way are Chesapeake Energy (NYSE: CHK), Denbury Resources (NYSE: DNR), Southwestern Energy (NYSE: SWN), Range Resources (NYSE: RRC), and California Resources (NYSE: CRC), which were all up by at least 10% by 2:30 p.m. EDT on Monday.

Energy prices are moving higher thanks to comments by Saudi Arabia's newly chosen energy minister, Prince Abdulaziz bin Salman. He confirmed that the country wouldn't radically change its oil policy, which currently has OPEC curtailing its production by 1.2 million barrels per day. Those comments eased the market's concerns that the country might change course and start pumping more oil into an already saturated market.

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Source: Motley Fool (September 9, 2019 - 8:06 PM EDT)

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