- The stock price of Centennial Resource Development (NASDAQ: CDEV) increased by 14.85%. This is why it happened.
The stock price of Centennial Resource Development (NASDAQ: CDEV) increased by 14.85% as it went from a previous close of $4.04 to $4.64. Investors appear to be responding to the International Energy Agency (IEA) noting that vaccine rollouts have been brightening the outlook for global oil demand.
“Fundamentals look decidedly stronger,” said the IEA in its monthly report via Reuters. “The massive overhang in global oil inventories that built up during last year’s COVID-19 demand shock is being worked off, vaccine campaigns are gathering pace and the global economy appears to be on a better footing.”
However, the IEA cited concerns around the rising cases in Europe, Brazil, and the U.S. But the IEA had predicted that the global oil demand and supply were expected to rebalance in the second half of the year. And producers may then have to pump 2 million barrels per day more to meet the demand. And OPEC+ would likely have to prove it is able to output to demand despite concerns around the coronavirus.
The IEA noted that the commercial oil stored in OECD countries fell for a seventh consecutive month in February, which signaled a rise in demand and increased imports in the near future.
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