Thanks in part to large-than-expected drawdowns of U.S. fuel inventories, crude oil prices on Wednesday gained ground for a second day. Oklahoma energy stocks had a second straight day of large gains as well.
Analysts also attributed the increased prices to a rebound in consumer demand.
West Texas Intermediate crude for November delivery rose $3.65 a barrel or 4.7% to settle at $82.15 on the New York Mercantile Exchange.
Global benchmark Brent crude for November delivery gained $3.05 or 3.5% and closed at $89.32 a barrel on ICE Futures Europe.
The price increases came as oil prices have been down more than 22% in the third quarter and there is some speculation they might have bottomed out.
October natural gas rose 22 cents or 3.26% to $6.87 per 1,000 cubic feet.
Oklahoma energy stocks soared in Wednesday’s trading with some firms recording gains of 6, 7 and 8% or more such as LSB Industries with a nearly 12% increase for the day.
Apache (APA) up 1.99 at 34.67 – change 6.08%
Cheniere (LNG) up 10.60 at 163.16 – change 6.94%
Chevron (CVX) up 4.76 at 145.78 – change 3.37%
ConocoPhillips (COP) up 5.64 at 103.00 – change 5.79%
Diamondback Energy (FANG) up 5.91 at 119.40 – change 5.20%
Energy Transfer LP (ET) up 0.62 at 11.11 – change 5.91%
Enterprise Products Partners (EPD) up 0.70 at 24.05 – change 2.99%
EOG Resources (EOG) up 6.28 at 111.73 – change 5.95%
ExxonMobil (XOM) up 3.12 at 88.86 – change 3.63%
Kinder Morgan (KMI) up 0.51 at 16.84 – change 3.12%
Marathon Oil Corp. (MRO) up 1.28 at 22.67 – change 5.98%
National Oilwell Varco (NOV) up 0.36 at 15.21 – change 2.42%
Occidental Petroleum (OXY) up 2.88 at 61.41 – change 4.92%
Phillips 66 (PSX) up 5.18 at 81.40 – change 6.79%
Pioneer Natural Resources (PXD) up 8.36 at 215.14 – change 4.04%
Tellurian Inc. (TELL) up 0.11 at 2.50 – change 4.58%
Valero (VLO) up 7.63 at 108.80 – change 7.54%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) up 0.70 at 93.56 – change 0.75%
CenterPoint (CNP) up 0.26 at 30.15 – change 0.86%
Entergy (ETR) up 2.02 at 107.83 – change 1.91%