Why Northern Oil and Gas Stock Jumped 10% at the Open Today
Shares of Northern Oil and Gas (NYSEMKT: NOG), which owns non-operator interests in onshore U.S. oil and natural gas projects, rose sharply at the start of trading on Sept. 11, jumping as much as 10% in the first few minutes of trading. The big news here came out after the close on Thursday.
Oil prices have been weak over the past few days, causing the broader energy sector to head lower after a period of relative stability. In fact, Brent Crude has again fallen below the psychologically important $40 per barrel level on news that tanker ships may again start getting used as floating storage containers. That suggests oil demand isn't growing quickly enough to whittle down the oversupply that's been restraining prices. That's bad news for sure, but Northern Oil and Gas isn't letting that stop it.
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Source Fool.com
