Oil hits 9-month high after OPEC+ agreement

  • December 3, 2020

 

Crude oil futures hit a 9-month high in Thursday’s trading after OPEC+ agreed to ease oil-output cuts next year.

The decision came nearly a week after contentious wrangling among OPEC+ members. They finally agreed to add 500,000 barrels a day of crude production to the market in January. Afterward, the ministers will meet monthly to review their decision and consider more possible moves.

As a result of the news on the deal, Brent crude ended the day up 46 cents at $48.71 a barrel. It was the highest settlement in trading on ICE Future Europe in nine months.

West Texas Intermediate crude for January delivery rose 3 cents and finished the day at $45.67…a change of 0.07%

A lot of Oklahoma energy companies recorded gains in Thursday’s trading as a result but the biggest winner was PHX Minerals Inc. Formerly known as Panhandle Gas, the company saw its shares jump 39 cents for a 21.55% gain to $2.20.

Alliance Resource Partners, L.P. slipped 12 cents for a 2.53% loss to $4.62 per share. Blueknight Energy Partners LP Common Stock
rose 6 cents for a 3.55% gain to $1.75. Chesapeake Energy Corporation fell about 4 cents or 1.54% to $2.42.

Continental Resources, Inc. finished up 27 cents for a gain of 1.71% to $16.05. Cypress Environmental Partners LP settled at $2.39 for a 6 cent increase or 2.58% gain. Devon Energy Corp saw a 3.45% gain following a 51 cent increase to $15.31.

 Enable Midstream Partners LP finished up 10 cents at $5.78 for a gain of 1.76%. Gulfport Energy Corporation closed at a dime a share for a 2.59% increase. Helmerich & Payne, Inc. was up 13 cents and finished the day at $24.10 per share.
LSB Industries, Inc. saw a 15 cent increase to $2.88, making for a gain of 5.49%. Laredo Petroleum Inc finished at $12.42, up 41 cents or 3.41%. Magellan Midstream Partners, L.P. closed up $1.31 or 3.35% at $43.58.
Mammoth Energy Services Inc had a 4 cent gain to $2.29 per share, amounting to a 1.78% increase. Matrix Service Co dropped 52 cents or 5.30% to $9.29. NGL Energy Partners LP settled at $2.56 per share following an increase of 11 cents or 4.49%.
OGE Energy Corp. finished the day down 40 cents or 1.21% and settled at $32.62. ONE Gas Inc closed down $1.02 or 1.29% at $78.10. ONEOK, Inc. added $1.03 to reach $38.49 for a gain of 2.75%.
Ovintiv Inc tacked on 20 cents for a 1.51% gain to $13.47. 
SandRidge Energy Inc. slid 11 cents or 3.85% to $2.75. WPX Energy Inc shares rose 27 cents for a 3.57% gain to $7.83. Williams Companies Inc finished Thursday down 9 cents at $21.56.
The Texas Energy Report had other energy firms and how they did on Thursday.

Chevron (CVX) down 0.08 at 89.80 – change 0.08%

Concho Resources (CXO) up 1.88 at 60.02 – change 3.23%

ConocoPhillips (COP) up 1.23 at 41.20 – change 3.07%

Diamondback Energy (FANG) up 1.39 at 41.91 – change 3.43%

Energy Transfer LP (ET) up 0.22 at 6.55 – change 3.47%

Enterprise Products Partners (EPD) up 0.02 at 20.12 – change 0.09%

EOG Resources (EOG) up 0.35 at 47.17 – change 0.73%

ExxonMobil (XOM) up 0.27 at 40.21 – change 0.67%

Kinder Morgan (KMI) up 0.15 at 14.49 – change 1.04%

Marathon Oil Corp. (MRO) up 0.13 at 6.19 – change 2.14%

National Oilwell Varco (NOV) up 0.31 at 13.43 – change 2.36%

Occidental Petroleum (OXY) up 0.50 at 16.39 – change 3.14%

Parsley Energy (PE) up 0.53 at 13.14 – change 4.20%

Phillips 66 (PSX) up 0.59 at 65.02 – change 0.91%

Pioneer Natural Resources (PXD) up 3.82 at 105.35 – change 3.76%

Valero (VLO) down 0.16 at 57.91 – change 0.28%

CLOSING TOP UTILITY STOCKS

American Electric Power (AEP) down 1.13 at 84.74 – change 1.32%

CenterPoint (CNP) down 0.15 at 22.79 – change 0.62%

Entergy (ETR) down 1.97 at 106.64 – change 1.82%

 

Jerry Bohnen