Oil Stocks At Or Near Buy Range As Oil Surges Above $90 On Winter Blast| Investor’s Business Daily

U.S. oil prices surged briefly above $92 per barrel early Friday, holding above the key benchmark as a massive winter storm swept through Texas headed toward the Northeast.

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Thousands of flights were canceled Friday as over 90 million Americans were under winter weather warnings or advisories.

“WTI crude surged over the $90 level after an arctic blast made its way to Texas and disrupted some oil production in the Permian Basin,” said Oanda analyst Edward Moya in a note late Thursday. “The oil market is too tight and vulnerable to any shock.”

One Permian driller was forced to shut in 4,000 barrels per day of production ahead of the storm, according to a Bloomberg report.

West Texas Intermediate jumped 2% to $92.03 per barrel. Brent was up 1.8% to $92.74 per barrel. Natural gas fell 1.6%.

Energy Stocks At Or Near Buy Range As Oil Prices Jump

Oil stocks rallied early Friday as oil prices climbed.

Baker Hughes (BKR) shares rose 0.8% to 26.70 in premarket trading on the stock market today. The oilfield service provider is fighting to overtake a 97.76 buy point.

Cheniere Energy (LNG) climbed 1% early to 115.75. The liquefied natural gas exporter is benefiting from U.S. LNG exports being routed to Europe as the European Union faces a gas shortage while tensions rise with Russia and Ukraine. Russia is responsible for 35% of the region’s natural gas supplies.

Cheniere stock, an IBD Leaderboard listing, is in a buy range above 113.50 buy point in a flat base.

Continental Resources (CLR) shares soared 3% to 56.92. The independent oil and gas producer is in buy range through 56.44, following a breakout from a cup with handle base with a 53.76 entry point.

Coterra Energy (CTRA) edged up 0.6% to 23.10. The stock is in a consolidation with a 23.74 entry point.

PDC Energy (PDCE) wasn’t active early after closing down 0.9% to 61.05. The energy stock is in buy range after breaking out of a consolation with a 59.10 entry point.

If you’re new to IBD, consider taking a look at its stock trading system and CAN SLIM basics. Recognizing chart patterns is one key to the investment guidelines.

IBD offers a broad range of growth stock lists, such as Leaderboard. Investors also can create watch lists, find companies nearing a buy point, or develop custom screens at IBD MarketSmith.

Follow Gillian Rich on Twitter for energy news and more.

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