If President Biden thought his decision to release 50 million barrels of oil from the nation’s Petroleum Strategic Reserve would have an immediate impact on crude prices…he was right. They went up on Tuesday hours after his announcement. And Oklahoma energy stocks responded in kind with many firms reporting 5 to 8% gains for the day and one making an amazing 20% jump.
West Texas Intermediate crude for January delivery rose $1.75 to finish at $78.50 a barrel on the New York Mercantile Exchange.
Global benchmark Brent crude for January delivery soared $2.61 a barrel and closed at $82.31 a barrel on ICE Futures Europe.
Natural gas for December delivery also rose, going up 18 cents to close at $4.97 per 1,000 cubic feet.
Most Oklahoma energy stocks had a strong day in Tuesday’s trading with some of the majors such as Continental Resources with a more than 8% jump and Devon nearly 6%. Cypress Environmental scored a whopping 20% gain for the day.
Apache (APA) up 1.94 at 28.47 – change 7.31%
Cheniere (LNG) up 2.00 at 104.85 – change 1.94%
Chevron (CVX) up 2.39 at 116.30 – change 2.09%
ConocoPhillips (COP) up 1.89 at 73.78 – change 2.62%
Diamondback Energy (FANG) up 4.72 at 110.19 – change 4.47%
Energy Transfer LP (ET) up 0.13 at 8.94 – change 1.47%
Enterprise Products Partners (EPD) down 0.02 at 21.99 – change 0.10%
EOG Resources (EOG) up 5.05 at 91.76 – change 5.82%
ExxonMobil (XOM) up 1.62 at 63.13 – change 2.63%
Kinder Morgan (KMI) up 0.22 at 16.32 – change 1.36%
Marathon Oil Corp. (MRO) up 0.85 at 16.51 – change 5.42%
National Oilwell Varco (NOV) up 0.83 at 12.92 – change 6.86%
Occidental Petroleum (OXY) up 1.91 at 31.92 – change 6.36%
Phillips 66 (PSX) up 1.64 at 73.83 – change 2.27%
Pioneer Natural Resources (PXD) up 7.58 at 188.06 – change 4.19%
Valero (VLO) up 1.90 at 72.55 – change 2.68%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) up 0.01 at 84.31 – change 0.01%
CenterPoint (CNP) down 0.01 at 26.61 – change 0.04%
Entergy (ETR) down 1.00 at 106.30 – change 0.94%