Market Insider

OPEC just burned short sellers and injected life into US fracking stocks

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Making money in oil

Some of the riskiest energy stocks — indebted producers of costly oil from shale rock — surged Wednesday after oil jumped 9 percent on news of an OPEC production cut.

The move by the global crude cartel gave a new lease on life to the U.S. shale firms by prompting higher prices and opening the door for frackers to reclaim market share.

Shares of Whiting Petroleum, North Dakota's largest oil producer, soared 30 percent. More than a quarter of its float was bet short, or positioned for an incorrect wager that the shares were going to decline, according to FactSet.