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Thursday, March 31, 2011

Hess (HES) (CNX) (OXY) Shares Rise as Energy Surges

Shares of Hess (NYSE:HES) Consol Energy (NYSE:CNX) and Occidental Petroleum (NYSE:OXY) are all jumping today as the oil price reached its highest level since 2008 and uncertainty surrounding nuclear because of the Japan earthquake disaster has other segments like coal and natural gas looking to increase in demand.

The price of oil continues to rise on the ongoing conflict in Libya, which has pushed the price per barrel past $106 today.

Natural gas prices are also expected to start rising, as they stand at lows because of the large amount of supply. That could level off again as the events around the world settle down.

Hess was trading at $85.35, gaining $1.54, or 1.84 percent, as of 12:19 PM EDT. Consol was trading at $54.45, up $1.14, or 2.14 percent. Occidental was at $105.15, rising $1.39, or 1.34 percent.

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