Oct. 9th, 2024 - After gaining momentum earlier this week for powering Artificial Intelligence's energy demand, the stocks of Vistra Corp (VST, Financial), Constellation Energy (CEG, Financial) and NRG Energy (NRG, Financial) crashed with CEG leading the downfall of 7%. This drop coincided with the crude oil's falling price of WTI Futures benchmark that went lower and almost touched the support price of $70 per barrel oil.
The supply and demand for oil as a commodity is fluctuating over time dragging other energy commodities and that is why considered to be cyclical in nature. Shortly plummeting oil prices could reduce demand for other power. And nuclear power that practically stands at a higher price than oil price may experience reduced demand when oil price is lower.
But, if the government and companies stay loyal to use cleaner energy, though more expensive, they will somehow prefer nuclear energy and drive the stocks up high.
