Bouyed by OPEC, oil ends higher on Monday but most local firms saw drops in trading


Oil futures shook off early weakness Monday, with its resilience attributed in part to reports China would boost U.S. crude imports and that OPEC+ members largely complied with production cuts last month.

West Texas Intermediate crude for September delivery  on the New York Mercantile Exchange rose 88 cents, or 2.1% to finish at $42.89 a barrel. The global benchmark, October Brent crude gained 57 cents, or 1.3% to settle at $45.37a barrel on ICE Futures Europe.

Reuters late Friday reported that Chinese state-owned oil companies had tentatively booked tankers to carry at least 20 million barrels of U.S. crude in August and September.

This has implied that Sino-American tensions aren’t as bad as first feared and that demand for oil is gradually increasing as countries begin to open up their borders and return to normality,” said Mihir Kapadia, chief executive of Sun Global Investments, in emailed comments.

Meanwhile, compliance with OPEC+ production cuts was around 95% to 97% — a historically high level — in July, Reuters reported Monday, citing a draft report.

But analysts said uncertainty over the global demand outlook following a resurgence in cases in parts of Europe and elsewhere could continue to limit upside.

Here’s how some of the Oklahoma energy companies did in Monday’s trading.

Devon Energy fell 3.13% or 38 cents to settle at $11.74. SandRidge Energy dropped 2 cents or 1.08% and finished at $1.88 per share.

Continental Resources finished 21 cents or 1.13% lower at $18.37. NGL Energy Partners ended the day 4.62% or 20 cents lower at $4.13 a share.

Ovintiv Inc. finished Monday’s trading 1.25% or 20 cents higher at $16.22. Williams Companies Inc., ended 21 cents or 0.95% higher at $22.34.

WPX Energy finished 9 cents or 1.49% lower at $6.30. Blueknight Energy gained 9 cents or 5.84% and ended the day at $1.63 per share. Panhandle Oil and Gas dropped 2.70% or 6 cents a share to finish at $2.16. Mammoth Energy Services finished the day unchanged at $1.63.

Ascent Resources dropped 12 cents or 5.26% and ended at $2.25 per share. In the middle of its Chapter 11 process, Chesapeake Energy dropped 4.12% or 29 cents a share to finish at $6.69. OGE Energy Corp. fell 18 cents or 0.55% to $32.44 per share.

Laredo Petroleum dropped half a dollar or 2.74% and ended the day at $17.73 per share.

ConocoPhillips (COP) down 0.12 at 40.70 – change 0.30%

Diamondback Energy (FANG) down 0.43 at 45.08 – change 0.95%

Energy Transfer LP (ET) down 0.03 at 6.59 – change 0.46%

EOG Resources (EOG) down 1.43 at 46.54 – change 2.99%

ExxonMobil (XOM) down 0.57 at 42.64 – change 1.30%

Kinder Morgan (KMI) up 0.15 at 14.44 – change 1.04%

Marathon Oil Corp. (MRO) down 0.13 at 5.92 – change 2.15%

National Oilwell Varco (NOV) down 0.36 at 12.76 – change 2.75%

Noble Energy (NBL) down 0.04 at 10.58 – change 0.33%

Occidental Petroleum (OXY) down 0.73 at 13.91 – change 4.99%

ONEOK (OKE) down 0.51 at 28.98 – change 1.73%

Phillips 66 (PSX) down 0.40 at 62.36 – change 0.64%

Pioneer Natural Resources (PXD) down 2.12 at 108.61 – change 1.92%

Valero (VLO) up 1.13 at 55.60 – change 2.09%

American Electric Power (AEP) down 1.72 at 81.23 – change 2.08%

Source: MarketWatch