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Benzinga
Benzinga
Business
Adam Eckert

Why Sunrun, ReneSola And SunPower Shares Are Surging Today

Shares of solar-related companies, including Sunrun Inc (NASDAQ:RUN), ReneSola Ltd (NYSE:SOL) and SunPower Corp (NASDAQ:SPWR), are trading higher Monday as a surge in oil prices lifts alternative energy names.

The sudden surge in oil and gas prices as a result of Russia’s invasion of Ukraine has made alternative energy sources look more compelling. 

Oil climbed to the highest levels since 2008 over the weekend. WTI crude traded above $130 Sunday evening while Brent crude, the international benchmark, traded above $139 before pulling back. 

As geopolitical tensions rise, oil continues to move higher. Solar stocks, as well as other renewable energy stocks, are rising with it. 

See Also: Oil Spike, Bitcoin 'Vodka' Premium, Elon Musk's Call For Increased Nuclear Production And More: 5 Key Headlines You May Have Missed From This Weekend

RUN, SOL, SPWR Price Action: At publication time, Sunrun was up 11.3% at $28.51, ReneSola was up 9.83% at $5.92 and SunPower was up 4.42% at $17.57.

Photo: PublicDomainPictures from Pixabay.

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