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Also, U.S. gasoline futures have risen slightly due to the impact of hurricane Ida in the Southern United States and Mexico. Fifteen percent of the total U.S. oil imports are from Gulf of Mexico refineries, which have been closed temporarily ahead of the hurricane, causing oil prices to rise.
Given the surging oil prices, we think leading extraction stocks SilverBow Resources, Inc. (NYSE:SBOW), VAALCO Energy, Inc. (EGY), Amplify Energy Corp. (AMPY), and Barnwell Industries, Inc. (BRN) are poised to rally in the coming months.
