Why These 3 Oil and Gas Stocks Rose by Double Digits In December
Shares of stocks across the oil and gas industry surged in December. These included shares of independent exploration and production company Noble Energy (NYSE: NBL), and oilfield services companies Halliburton (NYSE: HAL) and TechnipFMC (NYSE: FTI). The three companies' shares were up 19.7%, 16.6%, and 13.8%, respectively, according to data provided by S&P Global Market Intelligence.
This largely mirrored the performance of the oil and gas industry as a whole. Industrywide funds SPDR Oil and Gas Exploration & Production ETF and SPDR Oil and Gas Equipment & Services ETF rose 16.4% and 18.1% for the month, respectively.
When oil prices go up, oil stocks outperform. Image source: Getty Images.
Source Fool.com
