Not only did oil prices jump more than $4 a barrel in Monday’s trading, but Oklahoma energy stocks had as strong a day with some firms seeing 9% gains.
Prices soared as OPEC+ considered a reduction of crude oil output by more than a million barrels a day. OPEC+ wants to make the biggest cut in production since the COVID-19 pandemic.
West Texas Intermediate crude for November delivery shot up nearly 5% on a $4.14 a barrel increase to settle at $83.63 a barrel on the New York Mercantile Exchange.
Global benchmark Brent crude for December delivery climbed more than 4% on a $3.72 gain to $88.86 a barrel in trading on ICE Futures Europe.
November natural gas fell more than 3% or 30 cents to $6.47 per 1,000 cubic feet.
Monday’s trading of Oklahoma energy stocks gave a shot in the arm to a number of firms including 9% gains for Devon Energy and Ovintiv. Laredo Petroleum scored an 8% gain for the day
Apache (APA) up 3.11 at 37.29 – change 9.09%
Cheniere (LNG) up 1.46 at 167.37 – change 0.87%
Chevron (CVX) up 7.97 at 151.63 – change 5.54%
ConocoPhillips (COP) up 7.64 at 109.98 – change 7.46%
Diamondback Energy (FANG) up 9.06 at 129.52 – change 7.52%
Energy Transfer LP (ET) up 0.28 at 11.31 – change 2.58%
Enterprise Products Partners (EPD) up 0.39 at 24.17 – change 1.66%
EOG Resources (EOG) up 8.16 at 119.89 – change 7.30%
ExxonMobil (XOM) up 4.61 at 91.92 – change 5.28%
Kinder Morgan (KMI) up 0.45 at 17.09 – change 2.73%
Marathon Oil Corp. (MRO) up 2.38 at 24.98 – change 10.54%
National Oilwell Varco (NOV) up 0.96 at 17.14 – change 5.96%
Occidental Petroleum (OXY) up 2.59 at 64.04 – change 4.21%
Phillips 66 (PSX) up 3.84 at 84.56 – change 4.75%
Pioneer Natural Resources (PXD) up 14.91 at 231.44 – change 6.88%
Tellurian Inc. (TELL) up 0.21 at 2.60 – change 8.99%
Valero (VLO) up 5.43 at 112.28 – change 5.08%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) up 1.78 at 88.23 – change 2.05%
CenterPoint (CNP) up 0.65 at 28.83 – change 2.32%
Entergy (ETR) up 3.31 at 103.94 – change 3.28%