Crude oil hits $80 in Europe as OPEC+ sticks to its plan

Crude oil prices may rise further in 2018, remain above $75 a barrel: IEA | Business Standard News

 

As OPEC+ agreed to remain with its planned increase for February production, crude oil prices jumped Tuesday to $80 a barrel in Europe and $77 in the states. Oklahoma energy stocks rose as well.

West Texas Intermediate crude for February deliver rose 91 cents or 1.2% to finish the day at $76.99 a barrel on the New York Mercantile Exchange.

Global benchmark Brent crude for March delivery rose $1.02 or 1.3% to settle at $80 a barrel on ICE Futures Europe. It had earlier touched at $80.55 a barrel before settling at the highest front-month contract since Nov. 25.

The price was obviously boosted by the decision from major oil producers known as OPEC+ to push ahead with their decision to gradually increase crude output next month, despite some risks connected to the omicron variant of the coronavirus.

Oklahoma energy stocks also had a good day with Laredo Petroleum seeing a gain of nearly 11% while Coterra Energy and Ovintiv had 7% gains.

 

Alliance Resource Partners, L.P.
13.66 USD+0.58 (4.43%)
Blueknight Energy Partners LP Common Stock
3.24 USD−0.050 (1.52%)
Chesapeake Energy Ord Shs
66.78 USD+0.23 (0.35%)
Continental Resources, Inc.
47.87 USD+1.67 (3.61%)
Coterra Energy Inc
20.93 USD+1.36 (6.95%)
Cypress Environmental Partners LP
1.22 USD+0.050 (4.27%)
Devon Energy Corp
47.66 USD+2.09 (4.59%)
Gulfport Energy Corp
78.66 USD+3.08 (4.08%)
Helmerich & Payne, Inc.
26.65 USD+1.34 (5.29%)
LSB Industries, Inc.
10.88 USD−0.32 (2.86%)
Laredo Petroleum Inc
75.98 USD+7.94 (11.67%)
Magellan Midstream Partners, L.P.
47.57 USD+0.87 (1.86%)
Mammoth Energy Services Inc
1.96 USD+0.030 (1.55%)
Matrix Service Co
7.86 USD+0.14 (1.81%)
NGL Energy Partners LP
1.98 USD−0.045 (2.22%)
OGE Energy Corp.
37.88 USD−0.100 (0.26%)
ONE Gas Inc
77.62 USD+0.49 (0.64%)
ONEOK, Inc.
61.40 USD+1.41 (2.35%)
Ovintiv Inc
37.46 USD+2.35 (6.69%)
PHX Minerals Inc
2.33 USD+0.060 (2.64%)
SandRidge Energy Inc.
11.66 USD+0.52 (4.67%)
Units Ord Shs
33.00 USD+0.15 (0.46%)
Williams Companies Inc
26.74 USD+0.24 (0.91%)
Oil prices rise over 2% as U.S. inventories decline | Reuters
The Texas Energy Report indicated other energy stocks also had an equally strong day with Diamondback Energy and Occidental Petroleum each gaining nearly 7%.

Apache (APA) up 1.40 at 29.46 – change 4.98%

Cheniere (LNG) up 2.25 at 104.74 – change 2.19%

Chevron (CVX) up 2.17 at 121.43 – change 1.81%

ConocoPhillips (COP) up 3.20 at 76.97 – change 4.33%

Diamondback Energy (FANG) up 7.36 at 119.20 – change 6.58%

Energy Transfer LP (ET) up 0.21 at 8.92 – change 2.41%

Enterprise Products Partners (EPD) up 0.31 at 22.95 – change 1.36%

EOG Resources (EOG) up 4.19 at 95.35 – change 4.59%

ExxonMobil (XOM) up 2.39 at 65.93 – change 3.76%

Kinder Morgan (KMI) up 0.23 at 16.57 – change 1.40%

Marathon Oil Corp. (MRO) up 0.74 at 17.61 – change 4.38%

National Oilwell Varco (NOV) up 0.38 at 14.77 – change 2.64%

Occidental Petroleum (OXY) up 2.31 at 33.38 – change 7.46%

Phillips 66 (PSX) up 2.83 at 78.56 – change 3.73%

Pioneer Natural Resources (PXD) up 4.38 at 191.28 – change 2.34%

Valero (VLO) up 1.37 at 78.51 – change 1.77%

CLOSING TOP UTILITY STOCKS

American Electric Power (AEP) up 0.04 at 88.65 – change 0.04%

CenterPoint (CNP) down 0.17 at 27.45 – change 0.62%

Entergy (ETR) down 0.12 at 111.28 – change 0.11%