Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Transglobe Energy (Nasdaq: TGA) jumped 10% today as oil prices rose.

So what: Oil is up a whopping 5.5% today as the market forgets all the worries that the global economy is headed for a slowdown. Higher oil prices means more profits, so today's spike in oil is great for explorers and producers like Transglobe.

Now what: With oil still at relatively low prices, there may be continued upside from here. If the market continues to gain confidence in future economic conditions, oil -- and therefore Transglobe Energy -- might provide a nice upside for investors. But we've seen in the past that oil can be very volatile, so investors could be in for a wild ride.

Interested in more info on Transglobe Energy? Add it to your watchlist by clicking here.

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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