The price of oil bounded higher today. The U.S. oil price benchmark WTI was up more than 9% by 11:30 a.m. EST on Monday, fueled by news that a vaccine candidate against COVID-19 proved to be more than 90% effective in the final phase of its trial. This data sparked hope that the pandemic could be nearing the beginning of the end. That would enable the global economy to fully reopen, likely driving up demand for oil and refined products.
The rebound in crude prices sent most energy stocks soaring. One of the many subgroups getting a bounce today was midstream companies. Several rallied more than 10% in early morning trading, including ONEOK (NYSE:OKE), Kinder Morgan (NYSE:KMI), Williams Companies (NYSE:WMB), and Energy Transfer (NYSE:ET). Meanwhile, both Enbridge (NYSE:ENB) and Enterprise Products Partners (NYSE:EPD) were up at least 5% in early morning trading.
Source: Motley Fool
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