Shares Exxon Mobil Corp. XOM, +1.18% rallied 1.5% in morning trading Wednesday, enough to put them into record territory for the first time in eight years.
The rally for the oil and gas giant’s stock comes crude oil futures CL00, 0.12% climbed 1.0% toward a three-month high and as natural gas futures NG00, -5.12% jumped 3.3% toward a 14-year high. Exxon Mobil’s stock was headed for a record close for the first time since June 23, 2014, when it closed at a record $104.38, according to Dow Jones Market Data. Meanwhile, shares of rival Chevron Corp. CVX, +0.52% rose 0.8% in morning trading, putting it on track for the 23rd record close of this year. Exxon Mobil’s stock has soared 71.4% year to date, while Chevron shares have hiked up 54.8%, the SPDR Energy Select Sector ETF XLE, +0.22% has rallied 67.0% and the S&P 500 SPX, -1.08% has dropped 12.8%.