Crude oil rally extended as prices climb 3% and settle above $70

Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. REUTERS/Drone Base/File Photo

 

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.

NASDAQ: ARLP
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10.34 USD +0.15 (1.47%)
Blueknight Energy Partners LP Common Stock
NASDAQ: BKEP
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3.33 USD +0.030 (0.91%)
Chesapeake Energy Ord Shs
NASDAQ: CHK
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63.18 USD +3.39 (5.67%)
Continental Resources, Inc.
NYSE: CLR
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46.63 USD +2.50 (5.67%)
Coterra Energy Inc
NYSE: CTRA
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20.12 USD +0.48 (2.44%)
Cypress Environmental Partners LP
NYSE: CELP
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1.14 USD +0.040 (3.64%)
Devon Energy Corp
NYSE: DVN
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45.12 USD +2.76 (6.52%)
Gulfport Energy Corp
NYSE: GPOR
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68.31 USD +3.30 (5.08%)
Helmerich & Payne, Inc.
NYSE: HP
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23.16 USD +0.85 (3.81%)
LSB Industries, Inc.
NYSE: LXU
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9.40 USD +0.48 (5.38%)
Laredo Petroleum Inc
NYSE: LPI
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69.10 USD +7.82 (12.76%)
Magellan Midstream Partners, L.P.
NYSE: MMP
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45.75 USD +0.22 (0.48%)
Mammoth Energy Services Inc
NASDAQ: TUSK
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2.17 USD +0.060 (2.84%)
Matrix Service Co
NASDAQ: MTRX
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8.57 USD −0.010 (0.12%)
NGL Energy Partners LP
NYSE: NGL
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2.17 USD +0.055 (2.60%)
OGE Energy Corp.
NYSE: OGE
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36.05 USD −0.62 (1.69%)
ONE Gas Inc
NYSE: OGS
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69.67 USD −0.040 (0.057%)
ONEOK, Inc.
NYSE: OKE
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62.68 USD +1.81 (2.97%)
Ovintiv Inc
NYSE: OVV
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35.16 USD +1.84 (5.52%)
PHX Minerals Inc
NYSE: PHX
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2.55 USD +0.060 (2.41%)
SandRidge Energy Inc.
NYSE: SD
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10.40 USD +0.63 (6.45%)
Units Ord Shs
OTCMKTS: UNTC
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33.52 USD −0.29 (0.86%)
Williams Companies Inc
NYSE: WMB
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27.76 USD +0.46 (1.68%)

Crude Oil Price Update - Strong Upside Momentum Could Trigger Surge into $81.37 - $81.71

 

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%

 

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