The decision by OPEC+ to remain with its current crude oil production policy prompted crude oil prices to jump in Monday’s trading as overseas prices hit $81 a barrel while in the US prices reached their highest mark since 2014.
As a result, Oklahoma energy stocks had a strong Monday with at least one firm recording a more than 15% gain for the day.
OPEC+’s decision came even though some countries are demanding a bigger boost in production to keep prices down. As a result, prices were sharply higher including West Texas Intermediate crude for November delivery which went up $1.74 or 2.3% to finish the day at $77.62 a barrel, the highest since 2014.
Global benchmark Brent crude rose $1.98 or 2.5% and settled at $81.26 a barrel, a mark not seen since 2018.
Big gains were recorded by Oklahoma energy stocks including a more than 15% jump by Cypress Environmental Partners and 10% gains seen by LSB Industries and Unit Corporation.
Apache (APA) up 0.26 at 22.06 – change 1.19%
Cabot Oil & Gas (COG) up 0.52 at 22.25 – change 2.39%
Cheniere (LNG) up 3.47 at 102.30 – change 3.51%
Chevron (CVX) up 0.39 at 104.72 – change 0.37%
ConocoPhillips (COP) up 1.39 at 71.49 – change 1.98%
Diamondback Energy (FANG) up 4.52 at 103.38 – change 4.57%
Energy Transfer LP (ET) up 0.32 at 10.08 – change 3.33%
Enterprise Products Partners (EPD) up 0.85 at 22.63 – change 3.93%
EOG Resources (EOG) up 2.49 at 86.40 – change 2.97%
ExxonMobil (XOM) up 0.78 at 61.72 – change 1.29%
Kinder Morgan (KMI) up 0.04 at 16.94 – change 0.24%
Marathon Oil Corp. (MRO) up 0.59 at 14.83 – change 4.14%
National Oilwell Varco (NOV) up 0.22 at 13.69 – change 1.63%
Occidental Petroleum (OXY) up 0.66 at 31.81 – change 2.12%
Phillips 66 (PSX) up 3.14 at 75.71 – change 4.33%
Pioneer Natural Resources (PXD) up 4.24 at 178.97 – change 2.43%
Valero (VLO) up 1.36 at 75.02 – change 1.85%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) up 1.66 at 83.04 – change 2.04%
CenterPoint (CNP) up 0.59 at 25.49 – change 2.37%
Entergy (ETR) up 2.01 at 101.38 – change 2.02%