Friday, November 5, 2010

PDC Energy (Nasdaq:PETD), PetroQuest Energy (NYSE:PQ), Plains Exploration (NYSE:PXP) Soar on Increasing Oil Prices

PDC Energy (Nasdaq:PETD), PetroQuest Energy (NYSE:PQ), Plains Exploration & Production (NYSE:PXP) all rose in price Thursday, increasing with the broader commodity sector on news of the quantitative easing about to be implemented by the Federal Reserve, which will add about $600 billion to the money supply over the next several months, placing the value of the U.S dollar at even more threat.

Oil price, as well as most commodity prices, responded as expected, moving up across the board, with gold growing to record levels again, closing in on $1,400 an ounce, while silver rose to over $26 an ounce. Aluminum increased to price levels not seen since April.

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

PDC Energy closed at $35.72 Thursday, rising $1.72, or 5.06 percent. PetroQuest Energy surged to close at $6.64, gaining $0.46, or 7.44 percent. Plains Exploration & Production was up to $29.55 at the end of the trading session, gaining $1.01, or 3.54 percent.

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