Friday, November 5, 2010

TransAtlantic Petroleum (NYSE:TAT), Vaalco (NYSE:EGY), Northern Oil and Gas (Amex:NOG) Soar on Rising Oil Prices

TransAtlantic Petroleum (NYSE:TAT), Vaalco Energy (NYSE:EGY), Northern Oil and Gas (Amex:NOG) all closed over 4 percent higher Thursday, moving up 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, increasing inflationary pressures.

Commodity prices, including oil prices, responded as expected, increasing across the board, with gold rising to record levels again, and silver surpassing $26 an ounce. Aluminum rose to levels not seen 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.

TransAtlantic Petroleum closed at $3.22 Thursday, rising $0.14, or 4.55 percent. Vaalco Energy surged to close at $6.45, gaining $0.25, or 4.03 percent. Northern Oil and Gas was up to $20.21 at the end of the trading session, gaining $0.84, or 4.34 percent.

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