Crude oil prices in the U.S. surged more than 8% in Tuesday’s trading, hitting their highest mark in years as Russian soldiers continued their slow march across Ukraine leaving a wake of destruction and death.
West Texas Intermediate crude shot up $7.69 or 8% and settled at $103.41 a barrel in trading on the New York Mercantile Exchange. It was the highest close since July 2014 and also the largest daily percentage gain since November 2020.
Global benchmark Brent crude increased $7 or 7.1% and closed at $104.97, their highest close since 2014.
The jump in prices reflects concerns about energy shortages caused by Russia’s invasion of Ukraine. Agreements by members of the International Energy Agency, including the U.S. and Japan, to release 60 million barrels of crude from their reserves, did nothing to ease the world’s fears.
It was another day of strong gains for many Oklahoma energy stocks including a nearly 8% increase for Cypress Energy Partners and 7% for Gulfport Energy.
Apache (APA) up 1.66 at 37.29 – change 4.65%
Cheniere (LNG) down 3.68 at 129.22 – change 2.77%
Chevron (CVX) up 5.72 at 149.72 – change 3.97%
ConocoPhillips (COP) up 2.10 at 96.96 – change 2.21%
Diamondback Energy (FANG) down 1.27 at 136.83 – change 0.92%
Energy Transfer LP (ET) up 0.28 at 10.42 – change 2.76%
Enterprise Products Partners (EPD) up 0.21 at 24.63 – change 0.85%
EOG Resources (EOG) up 1.49 at 116.41 – change 1.29%
ExxonMobil (XOM) up 0.75 at 79.17 – change 0.95%
Kinder Morgan (KMI) up 0.19 at 17.59 – change 1.09%
Marathon Oil Corp. (MRO) up 0.33 at 22.89 – change 1.46%
National Oilwell Varco (NOV) down 0.93 at 16.22 – change 5.43%
Occidental Petroleum (OXY) up 3.06 at 46.79 – change 6.99%
Phillips 66 (PSX) down 2.07 at 82.17 – change 2.46%
Pioneer Natural Resources (PXD) up 0.87 at 240.47 – change 0.36%
Valero (VLO) down 2.88 at 80.63 – change 3.45%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) down 0.44 at 90.21 – change 0.49%
CenterPoint (CNP) down 0.47 at 26.88 – change 1.72%
Entergy (ETR) down 1.35 at 103.86 – change 1.29%