8-week high hit by US crude oil prices

  • May 12, 2021

 

With another increase in Wednesday’s trading both in the US and in Europe, crude oil prices hit an eight-week high and approached the $70 a barrel mark overseas. Oklahoma energy stocks didn’t go with them.

West Texas Intermediate crude went up 80 cents or 1.2% to finish the day at $66.08 on the New York Mercantile Exchange.

Global benchmark Brent crude for July delivery rose 77 cents or 1.1% and closed at $69.32 at ICE Futures Europe. Its the highest close for Brent crude since March 11 and since March 5 for WTI.

The price increases followed word that crude inventories in the U.S. declined 0.4 million barrels compared to an expected 2.8 million-barrel draw. US crude exports also fell last week to about 1.8 million barrels a day which was their lowest level since October 2018.

Most Oklahoma energy stocks suffered losses for the day with two exceptions—PHX Minerals Inc. and SandRidge Energy Inc. PHX gained 12.16% on a 33 cent climb to $3.09 while SandRidge gained 10.36% as shares rose 46 cents to settle at $4.90.

Alliance Resource Partners, L.P. fell 16 cents for a 2.59% loss to $6.01.

Blueknight Energy Partners LP rose 13 cents for a 3.80% gain to $3.55.

Chesapeake Energy went up 42 cents to $49.48 for a gain of 0.86%.

Cimarex Energy Co finished up $1.32 at $70.83 for a gain of 1.90%.
Continental Resources dropped 11 cents to $30.33 for a loss of 0.36%.
Cypress Environmental Partners LP slipped 6 cents for a 2.44% loss to $2.40.
Devon Energy Corp dropped 16 cents for a 0.62% loss to $25.58.
Enable Midstream Partners LP rose 7 cents for a 0.94% gain to $8.10.
Gulfport Energy Corporation was unchanged at $0.046 cents.
Helmerich & Payne Inc. added 42 cents for a 1.46% gain to $29.25.
LSB Industries, Inc. dropped 18 cents to $6.10 for a loss of 2.87%.
Magellan Midstream Partners, LP gained 0.99% on a 47 cent increase to $47.86.
Mammoth Energy Services Inc. slipped 2 cents to $3.63 for a loss of 0.55%.
Matrix Service Co. fell 41 cents for a 3.22% loss to $12.32.
NGL Energy Partners LP closed down 3 cents for a 1.36% loss to $2.18.
OGE Energy Corp. finished at $32.93 following a 49 cent fall and 1.47% loss.
ONE Gas Inc. dropped $2.60 to $75.67 for a loss of 3.32%.
ONEOK Inc. closed down 70 cents for a 1.31% loss to $52.56.
Ovintiv Inc. lost 0.90% as shares dropped 23 cents to $25.36.
Unit Corporation finished up 45 cents at $13.50 for a gain of 3.45%.
Williams Companies Inc. fell 37 cents for a 1.44% loss to $25.28.
The Texas Energy Report indicated other energy stocks did not have a breakout day.

Chevron (CVX) up 0.67 at 107.37 – change 0.63%

ConocoPhillips (COP) down 0.03 at 55.69 – change 0.05%

Diamondback Energy (FANG) up 0.08 at 79.48 – change 0.10%

Energy Transfer LP (ET) up 0.02 at 9.55 – change 0.21%

Enterprise Products Partners (EPD) up 0.12 at 23.31 – change 0.52%

EOG Resources (EOG) up 0.77 at 81.36 – change 0.94%

ExxonMobil (XOM) down 0.54 at 60.04 – change 0.89%

Kinder Morgan (KMI) up 0.13 at 18.10 – change 0.72%

Marathon Oil Corp. (MRO) up 0.05 at 11.54 – change 0.44%

National Oilwell Varco (NOV) up 0.01 at 16.95 – change 0.06%

Occidental Petroleum (OXY) up 0.59 at 25.12 – change 2.41%

Phillips 66 (PSX) up 1.71 at 85.34 – change 2.04%

Pioneer Natural Resources (PXD) down 1.53 at 156.17 – change 0.97%

Valero (VLO) up 2.21 at 79.97 – change 2.84%

CLOSING TOP UTILITY STOCKS

American Electric Power (AEP) down 1.43 at 84.98 – change 1.65%

CenterPoint (CNP) down 0.31 at 23.65 – change 1.29%

Entergy (ETR) down 3.15 at 103.88 – change 2.94%

Jerry Bohnen