WTI hits $72 while Brent crude jumped to highest level in four years

  • September 24, 2018

As Brent crude prices jumped to their highest level in four years, crude prices closed in the U.S. at more than $72 a barrel in Monday’s trading on the New York Mercantile Exchange.

Prices for West Texas Intermediate crude, set at the Cushing hub closed Monday at $72.27 a barrel, an increase of $1.49 or a change of 2.11%.

Brent crude was up $2.59 and closed at $81.39 with a 3.29% change.

Natural gas prices increased 7 cents and closed at $3.04

The Brent crude prices surged after OPEC and allies shrugged off President Donald Trump’s demand that the group take action to control  oil prices. The prices in London were their highest since November 2014. It’s led to speculation that Brent prices could soar as high as $100 as the market prepares for a drop in Iranian crude supplies because of U.S. sanctions implemented by President Trump.

  “The market is starting to realize that strong global demand and the lack of spare production capacity is going to lead to one of the tightest markets we’ve seen in a long time,” said Phil Flynn, senior market analyst at Price Futures Group. “OPEC not raising production immediately has traders wondering about their ability to do so in the future.”

Here’s how the jump in oil prices affected local stocks.

CLOSING OIL & GAS STOCKS

Anadarko (APC) up 1.37 at 66.01 – change 2.12%

Apache (APA) up 1.52 at 47.48 – change 3.31%

Chevron (CVX) up 1.49 at 122.62 – change 1.23%

Concho Resources (CXO) up 4.19 at 147.07 – change 2.93%

ConocoPhillips (COP) up 0.09 at 77.15 – change 0.12%

Devon (DVN) up 1.00 at 41.55 – change 2.47%

Diamondback Energy (FANG) up 4.31 at 132.86 – change 3.35%

Energy Transfer (ETP) down 0.07 at 22.49 – change 0.31%

EOG Resources (EOG) up 4.53 at 123.99 – change 3.79%

ExxonMobil (XOM) up 1.43 at 86.60 – change 1.68%

Halcon (HK) down 0.09 at 4.49 – change 1.97%

Marathon Oil Corp. (MRO) up 0.48 at 22.34 – change 2.20%

National Oilwell Varco (NOV) up 0.35 at 43.50 – change 0.81%

Noble Energy (NBL) up 0.44 at 30.91 – change 1.44%

Occidental Petroleum (OXY) up 1.15 at 80.75 – change 1.44%

ONEOK (OKE) down 1.24 at 67.87 – change 1.79%

Parsley Energy (PE) up 0.87 at 29.66 – change 3.02%

Phillips 66 (PSX) up 1.80 at 113.46 – change 1.61%

Pioneer Natural Resources (PXD) up 2.33 at 174.85 – change 1.35%

United States Oil Fund (USO) up 0.29 at 15.25 – change 1.94%

Valero (VLO) up 2.72 at 114.96 – change 2.42%

CLOSING TOP UTILITY STOCKS

American Electric Power (AEP) down 0.76 at 70.64 – change 1.06%

CenterPoint (CNP) down 0.62 at 27.20 – change 2.23%

Entergy (ETR) down 0.93 at 81.64 – change 1.13%

Exelon Corp. (EXC) down 0.45 at 43.20 – change 1.03%

NRG (NRG) down 0.07 at 36.09 – change 0.19%

Vistra Energy (VST) up 0.03 at 23.87– change 0.13%

Jerry Bohnen