On Thursday, Shares of Transocean LTD (NYSE:RIG), gain 11.64% to $12.95, as oil prices surge on strong U.S. economic data and a decline in crude inventories.
Crude oil (WTI) is climbing by 8.81% to $42 per barrel this afternoon, while Brent crude is up by 9.06% to $47.05 per barrel, according to the CNBC.com index.
U.S. economic data released recently shows that U.S. growth was higher than predictable for the second quarter this year, and macro-economic data such as this assists drive oil demand, The Wall Street Journal reports.
Additionally, the Energy Information Administration declared on Wednesday that U.S. crude stockpiles fell by 5.5 million barrels, a sharp drop from analysts’ estimates of a 1 million barrel enhance.
However, the EIA also mentioned that oil production remains steady, and U.S. stockpiles could climb past 500 million barrels in October around the same time that seasonal demand typically declines, according to The Journal.
Transocean Ltd., together with its auxiliaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers deepwater and harsh environment drilling services. As of February 17, 2015, it owned or had partial ownership interests in, and operated 71 mobile offshore drilling units that comprise of 44 high-specification floaters, 17 midwater floaters, and 10 high-specification jackups.
Shares of Devon Energy Corp (NYSE:DVN), inclined 6.01% to $40.76, during its last trading session, as oil prices rally recently and push energy stocks higher.
The commodity is seeing one of its biggest one-day rallies in years, as improving equity markets and a surprise decline in U.S. crude stockpiles drive the price of oil into the green, Reuters reports.
West Texas Intermediate (WTI) crude is advancing by 9.07% to $42.10 per barrel and Brent crude is soaring by 8.09% to $46.63 per barrel this afternoon, according to the CNBC.com index.
Oil prices are rising as global markets gain on the hope that the Chinese government’s attempts to stimulate the economy will work, Reuters added.
On Wednesday the U.S. Energy Information Administration declared that crude inventories for the week ended August 21 fell by 5.5 million barrels to 450.8 million barrels. Analysts polled by Reuters were expecting a rise of 1 million barrels for the week.
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids (NGLs) in the United States and Canada.
Finally, Gogo Inc (NASDAQ:GOGO), ended its last trade with 0.65% gain, and closed at $15.50.
Gogo Inc, declared that it has received the final Supplemental Type Certificate (STC) from the FAA required to launch Gogo’s 2Ku next generation satellite connectivity service. The technology is presently installed on Gogo’s 737-500 test plane and is now cleared for in-flight testing. Gogo anticipates to launch commercial service of its 2Ku technology later this year.
“This is a noteworthy milestone for Gogo and a seminal event for in-flight Internet,” said Gogo’s chief technology officer, Anand Chari. “We believe this will be the best performing technology for the global commercial aviation market bar none. Clearing this regulatory hurdle brings us one step closer to enabling our airline partners and their passengers to enjoy the future of in-flight Internet.”
Seven commercial airlines have signed up for either a trial or fleet deployment of 2Ku covering more than 500 commercial aircraft. Gogo anticipates to launch commercial service later this year and start rapid installation of the backlog of 500 aircraft in 2016.
Gogo Inc., through its auxiliaries, provides aero communications services to the commercial and business aviation markets in the United States and internationally. The company operates three segments: Commercial Aviation North America, Commercial Aviation Rest of World, and Business Aviation.
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