Friday, November 5, 2010

Encana (NYSE:ECA), Petrohawk (NYSE:HK), Valero Energy (NYSE:VLO) Soar on Rising Oil Prices

Encana (NYSE:ECA), Petrohawk (NYSE:HK), Valero Energy (NYSE:VLO) all moved up Thursday on the inflationary measures announced by the Federal Reserve through QE2, which pushed the broader commodity market up, along with commodity companies within each sector, including the oil and gas producers.

Commodity prices increased in general, including silver, which rose to over $26 an ounce. Gold prices surged to all-time record highs as well, moving toward the $1,400 an ounce mark. Aluminum soared to its highest levels since April.

Light, sweet crude for December delivery settled the trading session increasing $1.80 a barrel on the New York Mercantile Exchange at $86.49.

Encana Corp. closed at $29.31 Thursday, rising $0.97, or 3.42 percent. Petrohawk surged to close at $16.84, gaining $0.35, or 2.12 percent. Valero Energy was up to $18.93 at the end of the trading day, rising by $0.79, or 4.36 percent.

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