Why Core Labs Stock Blasted 13% Higher on Wednesday

Shares of energy services provider Core Laboratories (NYSE: CLB) rose as much as 13% on April 29. As of 2 p.m. on Wall Street, it was holding onto almost all of that advance.

The good news driving Core Labs shares higher was twofold. First, countries around the world are starting to get back to business after effectively shutting down to stem the spread of COVID-19. That means that demand, which had fallen dramatically (pushing oil sharply lower), might actually start to come back sooner rather than later. And an update from the American Petroleum Institute showed that oil wasn't piling up in U.S. storage quite as fast as some had been expecting. So there might not be as much excess oil to work through before the global energy market gets back into balance.

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Source Fool.com