Oil futures continue their increase as WTI approaches $55

  • February 2, 2021

 

Oil futures went up more than 2% in Tuesday’s trading after producers and investors received word that OPEC production increases were not as high as some thought. Plus, investors liked the fact that major producers showed some sign of putting the reins on output.

West Texas Intermediate crude gained $1.19 or 2.2% to finish at $54.74. Prices of WTI had hit a session high of $55.26, the highest in a year.

Global benchmark Brent crude finished up $1.14 for a 2% gain to $54.49 in trading on ICE Futures Europe. It was the third straight day that Brent had increased and earlier in the day it had reached $58.05, highest mark since January of 2020.

Some Oklahoma energy stocks had a better Tuesday than others. Tulsa’s Alliance Resource Partners, L.P. reported a nearly 11% jump in stocks as the company released its fourth quarter earnings report showing improved earnings based on increased coal sales. Stocks rose 59 cents each to settle at $6.16.

 

Those who saw increases in Tuesday’s trading included Blueknight Energy Partners LP where stocks rose one cent for a half-point gain to $2.02. Cimarex Energy Co rose $1.19 for a nearly 3% gain to $44.64. 

Devon Energy Corp shares increased 19 cents for a 1.13% gain to $16.96.

Enable Midstream Partners LP ended with a nearly 3% gain after shares rose 15 cents to $5.47.

Helmerich & Payne, Inc. went up 20 cents for a nearly 1% gain to $24.54.
 Laredo Petroleum Inc rose $1.30 for a 5.42% gain to $25.30.
Mammoth Energy Services Inc had 1% gain when shares rose 4 cents to $4.10.
Matrix Service Co settled up 12 cents for a 1% gain to $12.54.
NGL Energy Partners LP finished up one cent at $2.79 for a gain of only 0.36%.
OGE Energy Corp. added 40 cents to finish at $31.24 for a 1.30% gain.
ONEOK, Inc. had a 3% gain as shares rose $1.17 to $41.21.
Ovintiv Inc finished at $16.76 with a 25 cent increase and a gain of 1.48%.
PHX Minerals Inc closed up 11 cents for a 4.15% gain to $2.76.
SandRidge Energy Inc. gained 3.39% as shares rose 15 cents to reach $4.58.
Williams Companies Inc finished up 12 cents or 0.56% at $21.42 following release of its quarterly earnings report.
But other Oklahoma energy firms had losses in Tuesday’s trading.
Chesapeake Energy Corporation on release of a $1 billion note offering ahead of its scheduled emergence from bankruptcy court next week lost 48 cents a share for a 10.26% slide to $4.20.
Continental Resources, Inc. lost 62 cents to finish at $19.03 for a drop of 3.16%.
Cypress Environmental Partners LP lost one cent to close at $2.74.
Gulfport Energy Corporation lost 0.11% to finish at an even 9 cents a share.
LSB Industries, Inc. dropped 4 cents for a 1.04% loss to $3.79.
Magellan Midstream Partners, L.P. shares fell nearly 5% after a $2.05 drop to $41.72.
ONE Gas Inc lost 40 cents to finish at $73.46 for a drop of a half point.
The Texas Energy Report showed how other stocks fared on Tuesday.

Chevron (CVX) up 0.65 at 87.06 – change 0.75%

ConocoPhillips (COP) up 0.26 at 40.97 – change 0.63%

Diamondback Energy (FANG) up 0.43 at 58.41 – change 0.75%

Energy Transfer LP (ET) up 0.17 at 6.53 – change 2.67%

Enterprise Products Partners (EPD) up 0.30 at 21.10 – change 1.44%

EOG Resources (EOG) down 0.08 at 51.26 – change 0.14%

ExxonMobil (XOM) up 0.71 at 45.63 – change 1.58%

Kinder Morgan (KMI) down 0.21 at 13.81 – change 1.50%

Marathon Oil Corp. (MRO) up 0.04 at 7.38 – change 0.54%

National Oilwell Varco (NOV) up 0.24 at 12.90 – change 1.89%

Occidental Petroleum (OXY) up 0.34 at 20.73 – change 1.66%

Phillips 66 (PSX) up 1.28 at 68.66 – change 1.89%

Pioneer Natural Resources (PXD) down 0.68 at 119.58 – change 0.57%

Valero (VLO) up 1.53 at 57.77 – change 2.72%

CLOSING TOP UTILITY STOCKS

American Electric Power (AEP) up 0.93 at 82.11 – change 1.14%

CenterPoint (CNP) up 0.26 at 21.50 – change 1.22%

Entergy (ETR) up 0.68 at 95.83 – change 0.71%

Jerry Bohnen