This trio of energy names got a big daily boost from oil prices, but that's just part of a much larger story here.
News & Analysis: Centennial Resource Development, Inc.
The U.S. onshore energy company's shares have been trading lower over the past month or so, and the hits just keep coming.
The exploration and production names got a shot in the arm today as investors took a positive view of the economic future.
Volatility has been the norm lately for Centennial and was on display, again, in morning trading.
Why Oasis Petroleum, Callon Petroleum, and Centennial Resource Development Shares Tanked This Morning
Early trading was dismal for this exploration and production trio, which isn't surprising. But don't just look at what happened; the why is more important.
The surface reason for the stock advance is pretty simple, but the deeper meaning is more important.
Hints of positive economic news had investors feeling upbeat about the oil and gas driller's prospects, but it didn't take long for the market's enthusiasm to cool.
Investors are in a risk-off mood and that's a big problem for exploration and production companies.
The market is bouncing back today, taking many oil stocks with it.
Why Chesapeake Energy, Centennial Resource Development, and Denbury Resources Fell Sharply on Wednesday
Shares of the oil exploration and production companies are down for a second day as investors take a closer look at the story that drove energy shares sharply higher.