Why Energy Stocks Are Bouncing Back Today

Oil prices have endured historic volatility this month. They've suffered two of their worst plunges on record, including nosediving to their lowest level since 2002 a few days ago. Meanwhile, crude prices delivered their biggest rally ever on Thursday, before giving back some of those gains today. At 1:30 p.m. EDT, the U.S. oil benchmark, WTI, had fallen about 6% to less than $24 a barrel.

Usually, falling oil prices would drive down energy stocks. But many are rallying again today, including ONEOK (NYSE: OKE), Holly Energy Partners (NYSE: HEP), Williams Companies (NYSE: WMB), and Sunoco (NYSE: SUN), which had all jumped by more than 20% at one point in the trading day.