It wasn’t worries over new COVID-19 outbreaks in China or growing concern of investors about the recession, but a report of low levels of diesel inventory ahead of winter that triggered buying on Thursday, prompting a 2% gain for crude oil prices.
The gains came after 3 consecutive days of losses.
West Texas Intermediate crude for November delivery rose $1.97 or 2.2% to close at $89.24 on the New York Mercantile Exchange.
Global benchmark Brent crude for December delivery went up $2.23 or 2.4% to finish the day at $94.68 a barrel on ICE Futures Europe.
November natural gas rose 28 cents or 4.2% to settle at $6.71 per MMBtu.
Crude oil prices initially moved lower in early trading on Thursday as the Energy Information Administration reported an increase of 9.9 million barrels of crude oil for the week to Oct. 7. Soon, prices started rising.
Finally, Oklahoma energy stocks saw a turnaround in trading on Thursday with gains as much as 7% by Matrix Service, 6% by Mammoth Energy, and 5% by PHX Minerals.
Apache (APA) up 1.11 at 41.86 – change 2.72%
Cheniere (LNG) down 6.56 at 178.17 – change 3.82%
Chevron (CVX) up 7.64 at 165.28 – change 4.84%
ConocoPhillips (COP) up 6.44 at 122.74 – change 5.53%
Diamondback Energy (FANG) up 4.11 at 145.28 – change 2.91%
Energy Transfer LP (ET) up 0.21 at 11.71 – change 1.82%
Enterprise Products Partners (EPD) up 0.42 at 25.06 – change 1.70%
EOG Resources (EOG) up 3.88 at 127.34 – change 3.14%
ExxonMobil (XOM) up 3.44 at 101.87 – change 3.49%
Kinder Morgan (KMI) up 0.59 at 17.64 – change 3.46%
Marathon Oil Corp. (MRO) up 0.89 at 28.33 – change 3.24%
National Oilwell Varco (NOV) up 0.85 at 18.73 – change 4.75%
Occidental Petroleum (OXY) up 2.89 at 68.00 – change 4.43%
Phillips 66 (PSX) up 3.96 at 96.90 – change 4.26%
Pioneer Natural Resources (PXD) up 6.56 at 253.45 – change 2.65%
Tellurian Inc. (TELL) up 0.23 at 2.77 – change 9.05%
Valero (VLO) up 5.66 at 120.86 – change 4.91%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) up 3.04 at 84.78 – change 3.71%
CenterPoint (CNP) up 0.50 at 26.05 – change 1.95%
Entergy (ETR) up 3.98 at 100.56 – change 4.12%
