COVID-19 vaccine news prompts jump in energy prices

  • November 9, 2020

What a day for energy stocks as some soared nearly 26% as oil futures rose about 8% on news of a promising COVID-19 vaccine.

West Texas Intermediate crude on December contracts finished down 35 cents or about 1% at $39.94 per barrel.

Benchmark Brent crude rose $2.95 for a 7.48% gain to settle at $42.40 on the ICE Futures Europe.

How promising for the vaccine?  Pfizer and BioNTech said their vaccine was strongly effective and nearly 90% effective.

As a result, investors much have seen promise in energy stocks with Laredo Petroleum soaring nearly 27% as its shares rose $2.41 for the day finishing at $11.36. It was the highest of the Oklahoma related energy companies but others, like Ovintiv Inc. rose 20% or $1.86 for the day to end at $11.21.

Continental Resources and Devon Energy both finished up 16% with Continental Resources adding $1.98 to end at $14.25 and Devon tacking on $1.57 for a finish of $11.33 per share.

Devon’s soon to be merged partner, WPX Energy saw a 15% increase following a gain of 77 cents, finishing the day at $5.87.

ONEOK also saw a dramatic increase, shooting up nearly 17% after adding $4.46 for the day and settling at $31.35 per share.

Helmerich and Payne was another Oklahoma company that saw a 16% gain following a per-share growth of $2.37 to finish at $17.53.

Other energy stocks saw gains too. Alliance Resource Partners, L.P. gained 8% following a 25-cent increase of its shares to finish at $3.50. Blueknight Energy Partners LP Common Stock gained 6 cents or 4.14% to settle at $1.51. Chesapeake Energy Corporation slipped a penny to $3.45.

Cypress Environmental Partners LP fell 1% or 2 cents to finish the day at $1.95. Enable Midstream Partners LP saw a 9% gain of 38 cents to end at $4.73. LSB Industries, Inc. rose more than 10% after adding 19 cents to reach $2.05.

Magellan Midstream Partners, L.P. jumped $2.87 per share for a gain of 8.38%, ending the day at $37.12. Mammoth Energy Services Inc. recorded a 1% or 2 cent drop to $1.75. Matrix Service Co. gained 33 cents for a 4.02% increase to $8.54.

OGE Energy Corp. finished up 3% or 98 cents a share at $32.66. ONE Gas grew by 3.51% following an increase of $2.49 to settle at $73.50. PHX Minerals shot up12 cents for a gain of 7.79% to finish at $1.66.
SandRidge Energy added 29 cents for a gain of 13.74% to finish the day at  $2.40. Williams Companies Inc. gained 6% or $1.09 per share to wrap up the day at $19.35.
The Texas Energy Report had the results of other stocks.

Concho Resources (CXO) up 6.14 at 48,53 – change 14.48%

ConocoPhillips (COP) up 4.19 at 33.38 – change 14.35%

Diamondback Energy (FANG) up 7.66 at 32.40 – change 30.96%

Energy Transfer LP (ET) up 0.49 at 5.60 – change 9.58%

Enterprise Products Partners (EPD) up 1.04 at 17.68 – change 6.25%

EOG Resources (EOG) up 5.73 at 0.31 – change 16.57%

ExxonMobil (XOM) up 4.15 at 36.93 – change 12.66%

Kinder Morgan (KMI) up 0.82 at 12.30 – change 7.13%

Marathon Oil Corp. (MRO) up 0.96 at 5.09 – change 23.24%

National Oilwell Varco (NOV) up 2.46 at 11.46 – change 27.33%

Occidental Petroleum (OXY) up 2.22 at 12.23 – change 22.17%

Parsley Energy (PE) up 1.52 at 11.09 – change 15.88%

Phillips 66 (PSX) up 10.35 at 57.03 – change 22.17%

Pioneer Natural Resources (PXD) up 11.03 at 86.37 – change 14.26%

Valero (VLO) up 11.91 at 50.08 – change 31.20%

CLOSING TOP UTILITY STOCKS

American Electric Power (AEP) up 0.07 at 90.26 – change 0.08%

Jerry Bohnen