Crude oil futures were mixed at the end of trading on Tuesday after word was announced of an increase in crude oil inventories across the U.S., even though the amount of oil stored at the Cushing pipeline crossroads fell 1.845 million barrels.
Reaction was about as strong as the skinny man’s response in those Charlie Atlas ads where the strong man kicks sand in his face. The American Petroleum Institute (API) reported crude oil inventories increased 1.141 million barrels for the week ending December 4. The announcement came after analysts had predicted a 1.514 million barrel drawdown for the week.
West Texas Intermediate crude for January delivery slipped 6 cents and finished the day at $45.54, a decline of 0.13%.
Global benchmark Brent Crude closed up five cents for a gain of 0.10% to $48.84.
Natural gas prices also finished up 5 cents at $2.45 per MMBtu, a gain of 2.21%.
Typically, crude inventories are lower for this time of year. Instead, they remain high due to a lack of demand caused by the COVID-19 pandemic. It has kept much of the traveling public home.
How much of a a buildup? The API said gasoline inventories were 6.442 million barrels of gasoline for the week that ended Dec. 4 while the previous week saw inventories of 3.402 million barrels.
As a result, the response was rather puny for Oklahoma energy stocks—-with one exception.
It will be hard to top what shares in Oklahoma City’s Mammoth Energy Services did in Tuesday’s trading as they roared up for a 57% gain. Shares increased $1.16 and settled at $3.19 following the company’s announcement of new Freedom of Information Act documents from FEMA that showed it performed its work following the 2017 hurricane in Puerto Rico.
Mammoth has been fighting to receive millions in contract payments withheld by the government and Puerto Rico. The 57.14% jump in shares obviously was a response to the more than 700 pages of documents verifying the work performance of the company.
Elsewhere, Alliance Resource Partners, L.P. shares rose 12 cents for a 2.43% gain to $5.05. Blueknight Energy Partners LP fell one cent to $1.79. Chesapeake Energy Corporation gained one cent for a nearly 1% gain to $2.20 per share.
Enable Midstream Partners LP was unchanged at $5.79. Gulfport Energy Corporation was basically unchanged as well at 9 cents per share. Helmerich & Payne, Inc. shares gained 2% on a 53 cent increase to $25.28.
Here are more energy companies and how they finished Tuesday from the Texas Energy Report.
Chevron (CVX) up 0.78 at 91.54 – change 0.85%
Concho Resources (CXO) down 0.17 at 62.18 – change 0.28%
ConocoPhillips (COP) down 0.15 at 42.68 – change 0.33%
Diamondback Energy (FANG) up 0.50 at 46.14 – change 1.09%
Energy Transfer LP (ET) up 0.04 at 6.74 – change 0.59%
Enterprise Products Partners (EPD) up 0.28 at 20.95 – change 1.35%
EOG Resources (EOG) up 0.57 at 52.15 – change 1.12%
ExxonMobil (XOM) up 1.34 at 42.24 – change 3.27%
Kinder Morgan (KMI) down 0.04 at 14.76 – change 0.28%
Marathon Oil Corp. (MRO) up 0.38 at 7.07 – change 5.68%
National Oilwell Varco (NOV) up 0.33 at 14.35 – change 2.35%
Occidental Petroleum (OXY) up 0.94 at 19.13 – change 5.16%
Parsley Energy (PE) up 0.48 at 14.18 – change 3.50%
Phillips 66 (PSX) up 0.34 at 67.39 – change 0.50%
Pioneer Natural Resources (PXD) up 3.99 at 114.27 – change 3.61%
Valero (VLO) down 0.48 at 58.98 – change 0.81%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) down 0.35 at 83.49 – change 0.42%
CenterPoint (CNP) down 0.64 at 22.50 – change 2.77%
Entergy (ETR) down 1.32 at 105.29 – change 1.24%