Double-digit gains were recorded by some Oklahoma energy stocks as a larger-than-expected drawdown in U.S. crude inventories, including the amount in storage at Oklahoma’s Cushing hub, resulted in a more than $2 a barrel increase in oil prices Wednesday.
Analysts also attributed the jump on expectations that demand will increase as COVID-19 vaccination roll-outs increase across the nation.
West Texas Intermediate crude soared 3.3% on a $2.28 increase to $72.75 a barrel.
Brent crude went up $2.12 or 2.9% before settling at $75.72 a barrel on ICE Futures Europe.
The big bump on oil prices was felt by Oklahoma energy stocks where at least three firms had double-digit gains. Laredo Petroleum, NGL Energy Partners, and SandRidge Energy recorded gains reaching nearly 13%.
9.93 USD +0.30 (3.12%)
3.15 USD +0.080 (2.61%)
62.98 USD +1.29 (2.09%)
80.12 USD +5.57 (7.46%)
42.66 USD +3.21 (8.14%)
1.40 USD −0.10 (6.67%)
30.33 USD +2.06 (7.29%)
7.90 USD −0.0100 (0.13%)
76.72 USD +3.44 (4.69%)
27.23 USD +0.65 (2.45%)
8.88 USD +0.10 (1.14%)
70.28 USD +7.89 (12.65%)
47.21 USD −0.44 (0.92%)
2.71 USD −0.14 (4.91%)
9.91 USD −0.20 (1.98%)
1.96 USD +0.22 (12.64%)
34.72 USD +0.050 (0.14%)
65.37 USD −1.43 (2.14%)
55.71 USD +2.66 (5.01%)
29.90 USD +1.25 (4.36%)
3.00 USD +0.25 (9.09%)
12.05 USD +1.25 (11.57%)
28.75 USD +1.75 (6.48%)
25.80 USD +1.04 (4.20%)
Other energy stocks had the same kind of day with several seeing gains of nearly 8% according to the Texas Energy Report.
Apache (APA) up 1.27 at 20.62 – change 6.56%
Cabot Oil & Gas (COG) up 1.32 at 19.98 – change 7.07%
Cheniere (LNG) up 3.55 at 92.09 – change 4.00%
Chevron (CVX) up 2.04 at 98.24 – change 2.12%
ConocoPhillips (COP) up 2.38 at 59.32 – change 4.17%
Diamondback Energy (FANG) up 5.90 at 81.58 – change 7.79%
Energy Transfer LP (ET) down 0.06 at 9.24 – change 0.65%
Enterprise Products Partners (EPD) up 0.05 at 22.29 – change 0.22%
EOG Resources (EOG) up 5.79 at 75.31 – change 8.32%
ExxonMobil (XOM) up 1.84 at 56.42 – change 3.37%
Kinder Morgan (KMI) up 0.37 at 16.38 – change 2.31%
Marathon Oil Corp. (MRO) up 0.90 at 12.63 – change 7.67%
National Oilwell Varco (NOV) up 0.39 at 13.92 – change 2.88%
Occidental Petroleum (OXY) up 1.60 at 27.88 – change 6.08%
Phillips 66 (PSX) up 0.79 at 66.03 – change 1.21%
Pioneer Natural Resources (PXD) up 5.71 at 158.66 – change 3.73%
Valero (VLO) up 1.81 at 66.51 – change 2.79%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) down 0.50 at 87.33 – change 0.57%
CenterPoint (CNP) down 0.57 at 25.10 – change 2.19%
Entergy (ETR) down 1.50 at 112.89 – change 1.32%