Thursday, April 21, 2011

PetroQuest (PQ) (KOG) (OAS) Close Up as Oil Prices Explode

Shares of Kodiak Oil & Gas (AMEX:KOG), Oasis Petroleum (NYSE:OAS) and PetroQuest Energy (NYSE:PQ) all closed up on Wednesday as oil prices surged in response to news oil inventories unexpectedly dropped.

Oil prices exploded on Wednesday to roar above the $111 a barrel mark, as the U.S. Energy Information Administration announced oil inventories fell by 2.3 million barrels for the week ending April 15.

On the New York Mercantile Exchange, May delivery for West Texas Intermediate crude rose $3.17 or 2.93 percent to reach $111.45 a barrel.

The weakness of the U.S. dollar helped boost a number of commodities, including oil, as the U.S. dollar index dropped 0.91 on Wednesday.

Home heating oil prices increased 6.29 cents to $3.2214 a gallon. Reformulated blendstock gasoline prices rose 4.42 cents to $3.2773 a gallon.

Henry Hub natural gas prices jumped 4.8 cents to $4.31 per million British thermal units.

The national average price of unleaded gasoline climbed to $3.837 a gallon Wednesday, up from Tuesday's $3.835, according to AAA.

PetroQuest Energy closed Wednesday at $8.42, up $0.20, or 2.43 percent. Oasis Petroleum closed at $29.90, gaining $0.09, or 0.30 percent. Kodiak Oil & Gas ended the trading session at $7.13, jumping $0.17, or 2.44 percent.

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