After U.S. crude inventories fell more than expected, crude oil prices on Thursday rose more than $1 a barrel. Oklahoma energy stocks also had a good day in trading with some making 8% and 9% gains.
It gave increased optimism about global economic growth despite the coronavirus pandemic.
West Texas Intermediate crude finished up $1.40 or 2% and settled at $69.99 a barrel.
Global benchmark Brent crude also rose 2% with a $1.44 increase to finish the day at $73.03 a barrel on ICE Futures Europe.
Analysts indicated the rally pushed U.S. crude futures above a 50-day average for the first time in a month. Some see it as a sign of bullishness for investors.
The rally came after the Energy Information Administration announced Wednesday that U.S. crude inventories dropped by 7.2 million barrels last week.
Oklahoma energy stocks had a strong showing including Laredo Petroleum with a more than 9% gain and 8% gains made by SandRidge Energy and Unit Corporation.
8.99 USD +0.33 (3.81%)
3.26 USD +0.030 (0.93%)
58.29 USD +1.68 (2.97%)
69.38 USD +3.81 (5.81%)
38.71 USD +0.27 (0.70%)
1.62 USD −0.020 (1.22%)
29.32 USD +1.09 (3.86%)
8.14 USD +0.24 (3.04%)
69.00 USD +1.06 (1.56%)
27.43 USD +0.43 (1.59%)
8.28 USD +0.13 (1.60%)
58.79 USD +4.90 (9.09%)
50.00 USD +0.16 (0.32%)
3.63 USD +0.13 (3.71%)
11.45 USD +0.16 (1.42%)
1.76 USD +0.090 (5.39%)
35.96 USD +0.23 (0.64%)
73.43 USD +0.63 (0.87%)
53.29 USD +1.21 (2.32%)
28.45 USD +1.11 (4.06%)
2.49 USD +0.030 (1.22%)
9.80 USD +0.73 (8.05%)
23.75 USD +1.75 (7.95%)
25.11 USD +0.45 (1.82%)
Other energy stocks made significant gains according to the Texas Energy Report.
Cabot Oil & Gas (COG) up 1.09 at 17.35 – change 6.70%
Chevron (CVX) up 2.00 at 97.71 – change 2.08%
ConocoPhillips (COP) up 1.95 at 56.60 – change 3.56%
Diamondback Energy (FANG) up 2.41 at 76.56 – change 3.24%
Energy Transfer LP (ET) up 0.23 at 9.67 – change 2.43%
Enterprise Products Partners (EPD) up 0.34 at 22.82 – change 1.51%
EOG Resources (EOG) up 2.00 at 68.36 – change 3.01%
ExxonMobil (XOM) up 1.31 at 55.08 – change 2.43%
Kinder Morgan (KMI) up 0.26 at 16.42 – change 1.60%
Marathon Oil Corp. (MRO) up 0.46 at 11.72 – change 4.08%
National Oilwell Varco (NOV) up 0.36 at 13.32 – change 2.77%
Occidental Petroleum (OXY) up 1.50 at 26.58 – change 5.98%
Phillips 66 (PSX) up 0.71 at 69.92 – change 1.02%
Pioneer Natural Resources (PXD) up 3.44 at 149.85 – change 2.34%
Valero (VLO) up 1.25 at 65.20 – change 1.95%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) up 0.43 at 90.93 – change 0.47%
CenterPoint (CNP) up 0.26 at 25.77 – change 1.01%
Entergy (ETR) up 1.18 at 113.71 – change 1.04%