Transocean Spikes as Oil Prices Rally, Shale Output Expected to Dip

Shares of oil driller Transocean (RIG) jumped as crude prices rallied to trade in the green, making it TheStreet's Move of the Day. Along with other oil-related stocks, Transocean rose on expectations of falling U.S. oil production. The Energy Information Administration said that it forecasts U.S. shale production to fall in May, which would be the first monthly decline in four years. Also, tensions in the Middle East contributed to the higher oil prices. Shares of Transocean ended the day up on heavy volume, making it one of the top gainers on the S&P 500. TheStreet's Kurumi Fukushima reports in New York.