Crude oil futures continued their slow ascent in Wednesday’s trading as West Texas Intermediate crude for March delivery settled up 32 cents at $58.68 a barrel.
Global benchmark Brent crude for April delivery increased 38 cents to finish the day at $61.47 on ICE Futures Europe. The increased crude prices came on a day when crude storage volumes across the U.S. were down.
The prices also appear to be luring more firms to reactivate their rigs to return to exploration, not only just in Oklahoma but across the nation.
As a result, most Oklahoma energy stocks had a good day on Wednesday with Gulfport Energy Corporation and Helmerich & Payne showing the biggest gains of the day.
While Gulfport Energy is still in the midst of a Chapter 11 bankruptcy filed last November, its stock has traded in the 8 to 10 cent a share range. On Wednesday, the company had a 10.34% gain as shares rose to more than 9 cents but not quite a dime.
Helmerich & Payne saw a nearly 9% gain when shares jumped up $2.27 to end the day at $28.20. The gain came after the Tulsa company reported a $70 million first quarter loss but an increase in rigs being reactivated for the field.
Other Oklahoma companies reported losses for the day including Alliance Resource Partners, L.P. where shares dropped 7 cents for a 1.14% fall to $6.07.
LSB Industries, Inc. lost 11 cents for a 2.46% fall to $4.37.
Chevron (CVX) up 1.59 at 92.52 – change 1.75%
ConocoPhillips (COP) up 0.40 at 47.25 – change 0.85%
Diamondback Energy (FANG) down 1.91 at 68.88 – change 2.85%
Energy Transfer LP (ET) up 0.05 at 6.83 – change 0.74%
Enterprise Products Partners (EPD) up 0.21 at 21.43 – change 0.99%
EOG Resources (EOG) up 1.99 at 60.21 – change 3.42%
ExxonMobil (XOM) up 0.49 at 51.12 – change 0.97%
Kinder Morgan (KMI) up 0.22 at 14.79 – change 1.51%
Marathon Oil Corp. (MRO) up 0.20 at 9.09 – change 2.25%
National Oilwell Varco (NOV) up 0.38 at 13.85 – change 2.82%
Occidental Petroleum (OXY) up 0.95 at 25.60 – change 3.85%
Phillips 66 (PSX) up 2.23 at 76.72 – change 2.99%
Pioneer Natural Resources (PXD) up 3.31 at 132.35 – change 2.57%
Valero (VLO) up 1.50 at 65.11 – change 2.36%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) up 0.17 at 80.01 – change 0.21%
CenterPoint (CNP) up 0.19 at 21.46 – change 0.89%
Entergy (ETR) up 1.07 at 96.01 – change 1.13%