- The stock price of Energy Transfer LP (NYSE: ET) increased by over 4% during intraday trading. This is why it happened.
The stock price of Energy Transfer LP (NYSE: ET) increased by over 4% during intraday trading. Investors are responding positively to Energy Transfer LP announcing it is expecting to gain about $2.4 billion from Winter Storm Uri.
The winter storm had taken down the power and prevented natural gas distribution to homes and businesses in Texas. The major gain is expected to be realized this year and it was due to the trading of natural gas in Energy Transfer’s energy storage system/
KEY QUOTE:
“The increased results were primarily driven by our significant ability to transport large volumes of natural gas from our storage facilities and from market hubs in Texas to power plants, cities and to (utilities) throughout the state during the historic freezing conditions,”
— Thomas Long, co-chief executive officer, on a company earnings call via Reuters.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.
