Concerns about tight global supplies grew Wednesday with word that a Russian oil pipeline on the Black Sea coast would be out of commission for 3 months and sent crude oil prices up 5% in trading.
West Texas Intermediate crude for April delivery rose $5.66 or 4.9% to finish the day at $114.93 a barrel on the New York Mercantile Exchange.
Global benchmark Brent crude for May delivery shot up $6.12 or 5.5% to close at $121.60 a barrel on ICE Futures Europe.
April natural gas rose 4 cents $5.23 per 1,000 cubic feet.
The Russian pipeline in question is on the coast of the Black Sea and ships 1.2 million barrels of oil a day. But Russian Deputy Prime Minister Alexander Novak announced it might be out of service for months while repairs are made.
Wednesday was a day of gains for most Oklahoma energy stocks including an 11% improvement for Cypress Environmental, 5% for SandRidge Energy and a strong 4% for Chesapeake Energy.
Apache (APA) up 0.19 at 40.71 – change 0.46%
Cheniere (LNG) up 5.68 at 139.97 – change 4.22%
Chevron (CVX) up 1.77 at 165.86 – change 1.07%
ConocoPhillips (COP) up 2.60 at 104.37 – change 2.55%
Diamondback Energy (FANG) up 5.29 at 142.63 – change 3.85%
Energy Transfer LP (ET) down 0.11 at 10.09 – change 1.08%
Enterprise Products Partners (EPD) up 0.44 at 24.99 – change 1.79%
EOG Resources (EOG) up 2.72 at 123.55 – change 2.25%
ExxonMobil (XOM) up 1.29 at 83.13 – change 1.57%
Kinder Morgan (KMI) up 0.19 at 18.12 – change 1.05%
Marathon Oil Corp. (MRO) up 0.92 at 25.58 – change 3.73%
National Oilwell Varco (NOV) up 0.05 at 19.57 – change 0.25%
Occidental Petroleum (OXY) up 0.20 at 59.84 – change 0.33%
Phillips 66 (PSX) up 0.48 at 80.27 – change 0.60%
Pioneer Natural Resources (PXD) up 3.50 at 254.82 – change 1.39%
Valero (VLO) up 1.93 at 95.52 – change 2.06%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) up 0.76 at 96.01 – change 0.79%
CenterPoint (CNP) up 0.15 at 29.62 – change 0.50%
Entergy (ETR) up 1.17 at 110.85 – change 1.06%