Market rumors that OPEC and non-members might finally be willing to coordinate an oil production cut sent crude oil higher this week. That sparked a rally in energy stocks, with five of the top movers, according to S&P Capital IQ data, being EP Energy (NYSE:EPE), Enerplus (NYSE:ERF), Gaslog Partners (NYSE:GLOP), Pengrowth Energy (NYSE:PGH), and American Midstream Partners (NYSE:AMID).
Oil producers EP Energy, Enerplus, and Pengrowth Energy all moved higher solely because the price of oil rebounded. The only thing worth noting about the group is the fact that the last two are Canadian oil producers. They've been hurt even more deeply than U.S. producers because Canadian oil has been selling at a steep discount to U.S. oil due to that country's lack of pipeline capacity. So when oil rallies, it helps to relieve some of this extra pressure on Canadian producers.
Meanwhile, the other two names on this list, Gaslog Partners and American Midstream Partners, are MLPs that don't produce any oil. Instead, both had company-specific news that fueled their upward movements this week.
Matt DiLallo has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.