President Biden’s latest announced sale of more oil from the U.S. Strategic Petroleum Reserve was meant to drive down the price of gas….but it might have had the opposite effect as crude oil prices rose in response.
West Texas Intermediate crude for delivery in November went up $2.73 a barrel to finish the day at $85.55 on the New York Mercantile Exchange.
Global benchmark Brent crude for December delivery rose $2.38 or nearly 3% and settled at $92.41 a barrel in trading on ICE Futures Europe.
November natural gas fell 29 cents to $5.46 per 1,000 cubic feet.
Speaking at the White House today, Biden said he authorized the sale of more oil from the Reserve in order to give families “breathing room” and drive down the price of gas.
Oklahoma energy stocks ended the trading day mixed with some firms such as Mammoth Energy gaining nearly 7% while others, like Laredo Petroleum losing more than 6%.
Apache (APA) up 2.09 at 41.91 – change 5.24%
Cheniere (LNG) up 2.78 at 170.75 – change 1.65%
Chevron (CVX) up 5.28 at 168.00 – change 3.24%
ConocoPhillips (COP) up 3.22 at 121.11 – change 2.73%
Diamondback Energy (FANG) up 4.18 at 146.03 – change 2.94%
Energy Transfer LP (ET) up 0.09 at 11.88 – change 0.76%
Enterprise Products Partners (EPD) down 0.29 at 25.21 – change 1.14%
EOG Resources (EOG) up 6.08 at 130.07 – change 4.90%
ExxonMobil (XOM) up 2.99 at 103.79 – change 2.96%
Kinder Morgan (KMI) up 0.22 at 17.98 – change 1.23%
Marathon Oil Corp. (MRO) up 0.79 at 28.35 – change 2.86%
National Oilwell Varco (NOV) up 1.50 at 19.57 – change 8.29%
Occidental Petroleum (OXY) up 0.68 at 68.45 – change 1.00%
Phillips 66 (PSX) up 1.84 at 97.95 – change 1.91%
Pioneer Natural Resources (PXD) up 6.01 at 250.55 – change 2.45%
Tellurian Inc. (TELL) up 0.03 at 2.75 – change 1.10%
Valero (VLO) up 6.26 at 123.96 – change 5.31%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) down 0.68 at 85.90 – change 0.79%
CenterPoint (CNP) up 0.04 at 27.00 – change 0.14%
Entergy (ETR) down 1.70 at 101.74 – change 1.65%