Why Diamondback Energy Stock Surged 20% in May
Shares of oil producer Diamondback Energy (NASDAQ: FANG) soared by 20.4% in May, according to data provided by S&P Global Market Intelligence. Several catalysts fueled that rise, including higher oil prices, earnings, an acquisition, and an analyst upgrade.
Crude oil prices continued their ascent in May. West Texas Intermediate crude, the primary U.S. benchmark, rose by 9.5% during the month to finish at $114.67 per barrel. Strong demand for gas as travel rebounds is driving prices higher because supplies remain constrained, especially following Russia's invasion of Ukraine earlier in the year. While OPEC and its partners recently pledged to start pumping more oil, that hasn't done anything to cool off prices.
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Source Fool.com
