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Why Are These Five Stocks Surging Today?

Investors are piling into Teck Resources Ltd (USA) (NYSE:TCK) today and sending shares up over 10%, because copper and other base metal futures are rising. Although base metal commodities are, for the most part, still in bear territory, there is buying because the shorts are taking profits before the year draws to a close and because China recently announced a new series of reforms that should quicken the country’s structural adjustment process. If China recovers faster, commodity prices will too. A total of 19 elite funds were long 1.7% of Teck Resources Ltd (USA) (NYSE:TCK) as of the end of the third quarter.

In other news, Linn Energy LLC (NASDAQ:LINE) and Kinder Morgan Inc (NYSE:KMI) are up by 30% and 6% because WTI crude futures have spiked on the news that U.S. oil inventories fell 5.9 million barrels last week, versus the consensus expectation of a 0.6 million barrel build-up. The oil inventory drawdown makes the worst case we’re-running-out-of-inventory-to-store-crude scenario less likely, which means WTI trading for $20 per barrel is less probable. Given the extreme bearish sentiment, a short squeeze could reappear if crude inventories continue to fall more than expectations. A total of five elite funds were long Linn Energy LLC (NASDAQ:LINE) while 72 owned shares of Kinder Morgan Inc (NYSE:KMI) at the end of September..

Follow Kinder Morgan Inc. (NYSE:KMI)
Trade (NYSE:KMI) Now!

Follow Teck Resources Ltd (NYSE:TCK)
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