The easing of concerns about the Omicron coronavirus variant and its impact on global fuel demand resulted in an extended rally of crude oil prices as they settled above $70 on Tuesday for the first time in two weeks. Oklahoma energy stocks had another strong day too.
Prices rose by more than 3% and extended the rebound seen on Monday.
West Texas Intermediate crude for January delivery rose $2.56 or 3.68% to finish at $72.05 a barrel in trading on the New York Mercantile Exchange.
Global benchmark Brent crude finished up $2.15 or 2.94% at $75.23 a barrel on ICE Futures Europe.
Natural gas prices rose as well, going up 5 cents at $3.71 for a 1.39% gain.
The rally extended to Oklahoma energy stocks including Laredo Petroleum with a strong 13% gain for the day. Devon Energy recorded 7% and 6% gains were seen at Chesapeake Energy, Ovintiv, Continental Resources and SandRidge Energy.
Alliance Resource Partners, L.P.
Other energy stocks performed well including Diamondback Energy with a nearly 7% gain according to the Texas Energy Report.
Apache (APA) up 1.04 at 26.89 – change 4.02%
Cheniere (LNG) up 1.19 at 106.56 – change 1.12%
Chevron (CVX) up 1.72 at 117.92 – change 1.48%
ConocoPhillips (COP) up 1.76 at 74.56 – change 2.41%
Diamondback Energy (FANG) up 7.36 at 115.59 – change 6.80%
Energy Transfer LP (ET) up 0.18 at 8.36 – change 2.20%
Enterprise Products Partners (EPD) down 0.03 at 21.03 – change 0.15%
EOG Resources (EOG) up 2.99 at 90.56 – change 3.41%
ExxonMobil (XOM) up 0.69 at 62.27 – change 1.12%
Kinder Morgan (KMI) up 0.45 at 16.23 – change 2.85%
Marathon Oil Corp. (MRO) up 0.71 at 16.30 – change 4.55%
National Oilwell Varco (NOV) up 0.63 at 13.03 – change 5.08%
Occidental Petroleum (OXY) up 1.28 at 31.12 – change 4.28%
Phillips 66 (PSX) up 1.41 at 72.48 – change 1.98%
Pioneer Natural Resources (PXD) up 6.22 at 185.74 – change 3.46%
Valero (VLO) up 1.22 at 71.63 – change 1.73%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) up 0.42 at 83.91 – change 0.50%
CenterPoint (CNP) up 0.16 at 27.88 – change 0.57%
Entergy (ETR) down 0.08 at 104.85 – change 0.07%