After slipping below $70 a barrel, crude oil prices on Wednesday saw a nearly 5% bounce back in the US and more than 4% overseas, even with the US EIA reporting an unexpected increase in US oil inventories.
West Texas Intermediate crude rose 4.6% or $3.10 a barrel to finish the day at $70.30. Global benchmark Brent crude went up $2.88 or 4.2% and settled at $72.23 a barrel on ICE Futures Europe.
The more than 4% rise came after a nearly 7% drop on Monday caused by OPEC+ agreed to boost supply by 400,000 barrels a day from August through December.
Oklahoma energy stocks had a good day with LSB Industries seeing a nearly 8% gain followed by a 7% gain for Ovintiv and 6% gains from Continental Resources and Gulfport Energy.
34.86 USD +2.07 (6.31%)
2.08 USD +0.0100 (0.48%)
26.34 USD +1.01 (3.99%)
8.46 USD +0.070 (0.83%)
65.75 USD +4.13 (6.70%)
29.65 USD +1.07 (3.74%)
7.53 USD +0.53 (7.57%)
46.38 USD −0.25 (0.54%)
3.97 USD −0.030 (0.75%)
10.60 USD −0.27 (2.48%)
2.11 USD +0.050 (2.43%)
33.45 USD −0.44 (1.30%)
73.37 USD −0.27 (0.37%)
53.46 USD +1.08 (2.06%)
27.29 USD +1.81 (7.10%)
3.21 USD +0.17 (5.59%)
5.63 USD +0.33 (6.23%)
19.89 USD +0.16 (0.81%)
25.28 USD +0.25 (1.00%)
Other energy stocks also had an upbeat day according to the Texas Energy Report.
Cabot Oil & Gas (COG) up 0.62 at 16.16 – change 3.98%
Chevron (CVX) up 3.29 at 99.82 – change 3.40%
ConocoPhillips (COP) up 2.54 at 57.02 – change 4.68%
Diamondback Energy (FANG) up 4.42 at 79.34 – change 5.89%
Energy Transfer LP (ET) up 0.20 at 9.97 – change 2.04%
Enterprise Products Partners (EPD) down 0.13 at 23.63 – change 0.55%
EOG Resources (EOG) up 2.69 at 74.19 – change 3.76%
ExxonMobil (XOM) up 1.80 at 57.76 – change 3.21%
Kinder Morgan (KMI) up 0.38 at 17.85 – change 2.17%
Marathon Oil Corp. (MRO) up 0.53 at 11.87 – change 4.67%
National Oilwell Varco (NOV) up 0.47 at 14.02 – change 3.46%
Occidental Petroleum (OXY) up 1.81 at 27.18 – change 7.13%
Phillips 66 (PSX) up 2.63 at 73.76 – change 3.69%
Pioneer Natural Resources (PXD) up 6.14 at 145.09 – change 4.41%
Valero (VLO) up 2.34 at 64.91 – change 3.73%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) down 1.02 at 84.72 – change 1.19%
CenterPoint (CNP) down 0.08 at 25.17 – change 0.28%
Entergy (ETR) down 1.20 at 101.15 – change 1.18%