Already angry with the oil and gas industry, President Biden and his administration were no doubt upset over Friday’s 3% jump in crude oil prices—a move that will likely send gasoline prices climbing again.
Overall, prices made a 4% gain to a five-week high in Friday’s trading, bolstered by OPEC+’s decision to make its largest supply cut since 2020.
A strong greenback can pressure oil demand, making dollar-denominated crude more expensive for other currency holders.
West Texas Intermediate crude rose $4.19 or nearly 5% to settle at $92.64 on the New York Mercantile Exchange.
Global benchmark Brent crude for December delivery went up $3.50 or about 4% to settle at $97.92 a barrel in trading on ICE Futures Europe.
It was the highest close since Aug. 30 for Brent crude and the most for WTI since Aug. 29. Both also had their second straight weekly gain and the biggest weekly percentage gain since March. Brent was up 11% while WTI gained 17%.
But it didn’t do much to support trading of Oklahoma energy stocks. Friday was another day of mixed trading with at least one firm, Matrix Service Co. seeing a loss of nearly 11%. How poorly were the few gains recorded? Unit Corporation had the largest at about 1.5%. Otherwise, there were more losses than gains by the Oklahoma energy companies.
Apache (APA) up 0.32 at 42.52 – change 0.75%
Cheniere (LNG) up 1.49 at 174.00 – change 0.86%
Chevron (CVX) down 1.39 at 160.03 – change 0.87%
ConocoPhillips (COP) up 0.86 at 118.51 – change 0.73%
Diamondback Energy (FANG) up 0.10 at 142.43 – change 0.07%
Energy Transfer LP (ET) down 0.01 at 11.54 – change 0.09%
Enterprise Products Partners (EPD) up 0.08 at 24.99 – change 0.32%
EOG Resources (EOG) down 0.08 at 127.45 – change 0.07%
ExxonMobil (XOM) down 1.03 at 101.03 – change 1.01%
Kinder Morgan (KMI) down 0.15 at 17.23 – change 0.87%
Marathon Oil Corp. (MRO) down 0.31 at 27.94 – change 1.10%
National Oilwell Varco (NOV) down 0.49 at 18.48 – change 2.59%
Occidental Petroleum (OXY) down 0.70 at 69.80 – change 1.00%
Phillips 66 (PSX) down 0.86 at 92.50 – change 0.93%
Pioneer Natural Resources (PXD) up 0.18 at 256.88 – change 0.07%
Tellurian Inc. (TELL) up 0.03 at 2.70 – change 1.10%
Valero (VLO) down 5.44 at 113.78 – change 4.57%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) down 1.52 at 82.99 – change 1.80%
CenterPoint (CNP) down 0.53 at 26.81 – change 1.94%
Entergy (ETR) down 1.48 at 101.23 – change 1.45%