A turnaround for crude oil futures on Wednesday came after action by the Federal Reserve in an attempt to solve the nation’s growing inflation rate. Oklahoma energy stocks also saw gains for the day.
As U.S. benchmark stock indexes rose following the Reserve’s decision to speed up tapering of asset purchases and increase the number of interest-rate hikes planned for next year, crude prices were strengthened. The Fed agreed to keep benchmark federal funds rate between near zero and and decided to carry out three quarter-percentage point interest-rate hikes in the coming year.
West Texas Intermediate crude for January delivery rose 14 cents or 0.2% to finish the day at $70.87 a barrel on the New York Mercantile Exchange. WTI managed a comeback after trading below $70 earlier in the session.
Global benchmark Brent crude for February deliver gained 18 cents or 0.2% and settled at $73.88 a barrel on ICE Futures Europe.
Oklahoma energy stocks saw some improvement in Wednesday’s trading as Alliance Resource Partners and Mammoth Energy both recorded nearly 5% gains for the day.
Apache (APA) up 0.15 at 25.10 – change 0.60%
Cheniere (LNG) down 0.63 at 101.45 – change 0.62%
Chevron (CVX) down 0.66 at 115.56 – change 0.57%
ConocoPhillips (COP) up 0.03 at 70.70 – change 0.04%
Diamondback Energy (FANG) down 0.32 at 103.75 – change 0.31%
Energy Transfer LP (ET) up 0.11 at 8.36 – change 1.33%
Enterprise Products Partners (EPD) up 0.14 at 20.93 – change 0.67%
EOG Resources (EOG) down 0.49 at 84.81 – change 0.58%
ExxonMobil (XOM) down 0.27 at 61.27 – change 0.44%
Kinder Morgan (KMI) up 0.05 at 15.87 – change 0.31%
Marathon Oil Corp. (MRO) down 0.03 at 15.15 – change 0.20%
National Oilwell Varco (NOV) down 0.19 at 13.18 – change 1.43%
Occidental Petroleum (OXY) down 0.22 at 28.52 – change 0.77%
Phillips 66 (PSX) down 0.21 at 70.52 – change 0.30%
Pioneer Natural Resources (PXD) down 3.36 at 174.16 – change 1.90%
Valero (VLO) up 0.05 at 68.23 – change 0.07%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) up 2.10 at 87.23 – change 2.46%
CenterPoint (CNP) up 0.27 at 28.09 – change 0.97%
Entergy (ETR) up 2.56 at 109.85 – change 2.38%