Rex Energy Corporation (NASDAQ: REXX)
Rex Energy is having an incredibly strong day in the market today. Since the opening bell, the stock has been well into the green and has been continuing on that path. This comes after several sessions of solid movement. Below, we’ll talk about what we’re seeing from the stock, why, and what we’ll be watching for with regard to REXX ahead.
What We’re Seeing From REXX
As mentioned above, Rex Energy Corporation is having an incredibly strong trading session thus far today. Since the opening bell, the stock has been well into the green. With every minute, it seems like it’s climbing higher and higher. At the moment (12:05), REXX is trading at $0.56 per share after a gain of $0.07 per share (13.43%) thus far today.
Why The Stock Is Gaining
As usual, as soon as the CNA Finance team noticed that REXX was climbing in the market, we decided that it was time to do some digging to see what was causing the movement. While no fundamental news has been released with regard to the company today, the gains have a very clear reason.
Ultimately, the gains we’re seeing from Rex Energy Corporation are industry-wide. CHK, SGY, and tons of others in the sector are gaining. What we’re seeing is a continuation of movement we’ve seen since Wednesday, when OPEC, the world’s largest oil producers, reached an agreement to cut about 1 million barrels of production a day. Ultimately, this will help push the price of oil up, leading to larger profits for REXX and others in the sector.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on REXX and others in the oil and energy sector. In particular, we’ll be watching supply and demand data for an idea of where oil will head moving forward. While upward seems to be the consensus, the truth is that the cut is barely a drop in a bucket compared to the oil supply glut. Nonetheless, we’ll keep a close eye on the news and bring it to you as it breaks!
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