Oil stocks are moving higher today after the most recent talks between President Donald Trump and Ukrainian leader Volodymyr Zelenskyy regarding Russia and Ukraine. The lack of any major breakthroughs put geopolitical tensions back in the spotlight, boosting expectations for oil demand. At last check, West Texas Intermediate (WTI) crude was up 2.3%.
APA Corporation (NASDAQ:APA) stock was last seen up 0.4% to trade at $24.27. The stock has pulled back from its recent Dec. 5 one-year high of $27.72, but is finding support at its 80-day moving average near the $24 level. Since the start of the year, APA is holding on to a 5.3% gain.
Devon Energy Corporation (NYSE:DVN) shares are 1.5% higher to trade at $36.20 at last check. The equity now sports a 10.9% year-to-date gain after an extended climb from its April 9, 52-week low of $25.89.
Option traders may want to take note. APA’s Schaeffer's Volatility Index (SVI) of 36% stands higher than just 4% of all other readings from the past year. Meanwhile, DVN's SVI of 28% ranks in the 1st percentile its annual range, suggesting options premiums are inexpensive.
