Rebounding crude oil prices help Oklahoma energy stocks

  • March 24, 2021

 

A stronger gasoline demand across the U.S. not only eased concerns about the global economic recovery from the COVID-19 pandemic but also resulted in a surge in crude oil futures one day after prices took a dramatic fall.

West Texas Intermediate crude for May delivery jumped up $3.42 to settle at $61.18 a barrel in trading on the New York Mercantile Exchange. Oil futures in New York rose 5.9%, nearly erasing the losses suffered on Tuesday.

Global benchmark Brent crude for May delivery jumped even higher on a $3.62 increase to $64.41 a barrel in trading on ICE Futures Europe. It marked the biggest gain since early November 2020.

Domestic fuel consumption is at the highest in fourth months according to a U.S. inventory report which showed that Gulf Coast refiners are increasing their demand for more crude oil.

“The market was due for a correction, but we’ve had it and now it’s over,” said one analyst who said the short-run outlook is looking better. “More vaccines in arms and more people able to get around is all good news.”

Oklahoma energy stocks welcomed the turnaround with ground made up from this week’s setbacks.

Continental Resources had the biggest rebound with a 4.16% gain on a $1.04 increase to $26.02.

Alliance Resource Partners, L.P. dropped 5 cents or nearly 1% to$5.46.
Blueknight Energy Partners rose 3 cents for a nearly 1% gain to $3.14.
Chesapeake Energy slipped ten cent for a 0.24% loss to $41.60.
Cimarex Energy Co gained nearly 1% on a 54 cent increase to $57.93.
Devon Energy Corp rose 60 cents for a gain of 2.76% to $22.34.
Enable Midstream Partners LP lost 1.21% on an 8 cent fall to $6.51.
Gulfport Energy lost nearly 2% and fell to $0.060 cents.
Helmerich & Payne, Inc. picked up 5 cents for a slight gain of 0.18% to $27.24.
LSB Industries saw a 2 cent increase to $4.04 and a half a point gain.
Laredo Petroleum fell 54 cents resulting in a 1.83% loss to $28.89.
Magellan Midstream Partners, L.P. increased 6 cents to $42.57 and a gain of 0.14%.
Mammoth Energy Services rose 18 cents for a 3.77% gain to $4.96 after announcing a new street lighting contract worth $30 million over 5 years.
Matrix Service Co. increased 24 cents or nearly 2% to $12.57.
42.57 USD+0.060 (0.14%)
NGL Energy Partners LP dropped 7 cents to $2.16 and a loss of 3.14%.
OGE Energy finished the day up one cent at $32.02 and barely a gain of 0.031%.
ONE Gas closed up $1.13 for a gain of 1.54% to $74.47.
ONEOK Inc.  gained 2.72% on an increase of $1.29 to $48.74.
Ovintiv Inc. picked up 10 cents to reach $23.81 and a slight gain of less than half-a-point.
PHX Minerals Inc. finished up 6 cents for a nearly 2% gain to $3.10.
SandRidge Energy Inc. gained 1.41% on a 5 cent increase to $3.96.
Williams Companies gained more than 2% as shares rose 48 cents to $23.49.
The Texas Energy Report showed other energy stocks finished up in Wednesday’s trading.

Chevron (CVX) up 2.73 at 104.70 – change 2.67%

ConocoPhillips (COP) up 1.50 at 53.21 – change 2.90%

Diamondback Energy (FANG) up 2.25 at 74.39 – change 3.13%

Energy Transfer LP (ET) down 0.09 at 7.63 – change 1.17%

Enterprise Products Partners (EPD) up 0.07 at 22.37 – change 0.31%

EOG Resources (EOG) up 2.89 at 72.54 – change 4.14%

ExxonMobil (XOM) up 1.12 at 56.34 – change 2.02%

Kinder Morgan (KMI) up 0.51 at 16.19 – change 3.25%

Marathon Oil Corp. (MRO) up 0.27 at 10.44 – change 2.65%

National Oilwell Varco (NOV) down 0.05 at 13.58 – change 0.37%

Occidental Petroleum (OXY) up 0.47 at 27.06 – change 1.76%

Phillips 66 (PSX) up 3.05 at 82.03 – change 3.86%

Pioneer Natural Resources (PXD) up 3.96 at 161.30 – change 2.51%

Valero (VLO) up 1.70 at 71.78 – change 2.42%

CLOSING TOP UTILITY STOCKS

American Electric Power (AEP) up 0.35 at 84.99 – change 0.41%

CenterPoint (CNP) down 0.13 at 21.75 – change 0.60%

Entergy (ETR) down 0.68 at 97.43 – change 0.70%

Jerry Bohnen