As the International Energy Agency predicts increased oil demand by 2022, oil prices responded Thursday with a 1% increase. It also came after Saudi Arabia dismissed calls for more OPEC+ supply.
West Texas Intermediate crude for November delivery rose 87 cents to settle at $81.31 a barrel, another seven-year closing high.
Global benchmark Brent crude for December delivery finished up 82 cents at $84 a barrel, a 1% gain and also its highest settle since October 2018.
The EIA predicts oil demand will increase by half a million barrels a day when the power sector and heavy industries switch from more expensive sources of energy. It also warned the energy crunch could only fuel inflation and result in a slowdown of world economic growth.
What was the impact on Oklahoma energy stocks? Several saw gains for the day including a nearly 8% increase for NGL Energy Partners LP.
Apache (APA) up 1.61 at 26.22 – change 6.54%
Cheniere (LNG) up 0.96 at 105.97 – change 0.91%
Chevron (CVX) up 1.02 at 108.81 – change 0.94%
ConocoPhillips (COP) up 0.62 at 73.84 – change 0.84%
Diamondback Energy (FANG) up 0.64 at 108.83 – change 0.59%
Energy Transfer LP (ET) down 0.02 at 9.94 – change 0.21%
Enterprise Products Partners (EPD) up 0.08 at 24.10 – change 0.33%
EOG Resources (EOG) up 0.57 at 90.57 – change 0.63%
ExxonMobil (XOM) up 0.93 at 62.00 – change 1.52%
Kinder Morgan (KMI) up 0.41 at 18.38 – change 2.28%
Marathon Oil Corp. (MRO) up 0.35 at 16.14 – change 2.21%
National Oilwell Varco (NOV) up 0.20 at 14.62 – change 1.38%
Occidental Petroleum (OXY) down 0.29 at 31.99 – change 0.90%
Phillips 66 (PSX) up 0.28 at 82.16 – change 0.35%
Pioneer Natural Resources (PXD) up 0.49 at 191.25 – change 0.25%
Valero (VLO) up 1.03 at 79.17 – change 1.31%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) up 0.59 at 84.05 – change 0.70%
CenterPoint (CNP) up 0.67 at 26.57 – change 2.58%
Entergy (ETR) up 0.92 at 103.48 – change 0.89%