Investors continued to be bullish about the Transocean Ltd (NYSE:RIG) stock on Monday as it ended the day with gains of as much as 14%. While it is true that there was no specific news about the company yesterday, the stock continued to be in a speculative buy zone regardless.
That being said, it should be noted that there is a specific reason behind the speculation and that is the bullish sentiments among investors in light of the fact that the coronavirus pandemic is easing around the world. As the severity of the pandemic eases, there is expected to be higher global demand for oil and gas.
That is expected to be brought about by a considerable rise in travel, many people going back to the offices and other related factors. That was perhaps the reason why the price of Brent crude went up by 94 cents last week. In addition to that, United States oil was fast approaching $75 mark.
That is an indication of the rising demand and a level of supply that might not be able to meet it. In such a situation, companies like Transocean might actually benefit and that is possibly the reason behind the bullish sentiments about the stock at this point.
Proven pros in the energy field at Allied Energy Corp. (OTCMKTS:AGYP:AGYP) deserve a look by oil and gas investors as they have hit oil from their own leased well sites located in Texas. Energy is volatile globally now, especially petrochemicals, but AGYP is a new domestic resource that is pumping product from its own wells.
