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Rising Crude Oil Took Range Resources Higher on May 21

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Top gainers 

The S&P 500’s top gainers on May 21 were:

  • Range Resources (RRC) gained 6%.
  • Kimco Realty (KIM) gained 4.2%.
  • Newfield Exploration (NFX) gained 4%.
  • Micron Technology (MU) gained 3.9%.
  • Boeing Company (BA) gained 3.6%.
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Range Resources 

Range Resources, which is a petroleum and natural gas exploration and production company, was the S&P 500’s top performer on May 21. After gaining for two consecutive trading weeks, Range Resources opened higher on Monday and surged to four-month high price levels.

Rise in crude oil prices

The buying pressure in Range Resources increased on Monday amid a strong rally in crude oil prices. Crude oil surged to fresh 3.5-year high price levels on May 21. Oil surged on Monday amid geopolitical tensions between Iran and Venezuela, which could disrupt crude oil production. Supply fears continued to support oil prices amid looming US sanctions on Iran. The concerns intensified after US Secretary of State Mike Pompeo commented on Monday that Iran might face the strongest sanctions in history by the US if it doesn’t comply with US demands. As part of the latest sanctions on Venezuela, President Trump banned the United States from buying Venezuelan debt. Venezuelan foreign minister Jorge Arreaza commented that fresh US sanctions on Venezuela are illegal and contradict international law.

Rising crude oil prices boosted the energy sector and supported the rally in Range Resources. On May 21, Range Resources gained 6% and closed the day at $16.08. Range Resources is part of the S&P 500 energy sector, which gained 0.97% on Monday.

Next, we’ll discuss how Kimco Realty (KIM) and Newfield Exploration (NFX) performed on May 21.

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