Why Magnolia Oil & Gas Stock Jumped as Much as 13.7% on June 29
Shares of U.S. energy exploration and production company Magnolia Oil & Gas (NYSE: MGY) rose nearly 14% at one point during the trading day on June 29. The gains were slow and steady throughout the day, with the company still trading near its highs at 3:30 p.m. Wall Street time.
There was no particular news out of the oil and gas company, so the gains were more likely tied to the solid rise in the price of West Texas Intermediate (WTI) crude. WTI, the benchmark for U.S. oil, was up about 3% on the day. However, the bigger takeaway is probably one step deeper.