As Oil (NYSE:USO) prices rise, Oil & Gas companies follow suit. Today Oil is up 1.6% as it kisses $110 a barrel. The two main drivers for the price increase are a ninth straight month of production increases at US factories and a Consumer Price Index reading that gas prices rose 5.6% in March.
The news has investors and traders continuing to get long the major Oil & Gas stocks. Exxon Mobil (NYSE:XOM) is up over 1%, Chevron Corporation (NYSE:CVX) is up 1.2%, ConocoPhillips (NYSE:COP) is up 1.2%, Marathon Oil Corporation (NYSE:MRO) is up 0.65%, and Suncor Energy Inc. (NYSE:SU) is up 0.25%.
Oil & Gas Service companies (NYSE:OIH) are also feeling the love. Halliburton Company (NYSE:HAL) is up 0.8%, Baker Hughes Incorporated (NYSE:BHI) is up 1.7%, and Schlumberger Limited (NYSE:SLB) is up 0.8%.
If you are long these stocks, you’ll want to check out these mind-blowing charts of how gas prices have jumped back to $4 a gallon.