Small Cap Oil Stocks Rip Higher
Small cap oil stocks are rocketing higher today on the back of a move over $100 per barrel on oil. While stocks like ConocoPhillips (NYSE:COP) have moved dramatically higher in recent months as oil has soared, small cap oil stocks have stayed at their lows. Today, the United States Oil Fund LP (ETF) (NYSEARCA:USO) is trading at $39.31, +0.87 (+2.26%). This is over a 30% move in the last six weeks.
Small cap oil stocks are waking up today. Huge gains are being seen on Blue Dolphin Energy Company (NASDAQ:BDCO), Mexco Energy Corporation (NYSEAMEX:MXC) and others. Mexco Energy Corporation is trading at $8.35, +2.08 (+33.19%).
Traders are clamoring to find the next small cap oil stock that has not moved yet. While most have already run today, there are a few still near their lows. Magellan Petroleum Corporation (NASDAQ:MPET) is one to keep on watch.