China’s move to ease COVID restrictions sent crude prices up

Oil prices move higher as fears of COVID-19 continue - BIC Magazine

 

China’s decision to relax COVID-19 restrictions sent crude oil prices up in Monday’s trading while Oklahoma energy stocks fell—some as much as 7 and 8%.

West Texas Intermediate crude rose a little more than 1% or 90 cents to $75.19 in trading on the New York Mercantile Exchange.

Brent crude, the global benchmark, gained 76 cents or more than 1% and settled at $79.80 a barrel on ICE Futures Europe.

January natural gas fell more than 11% on a 75 cent drop to $5.85 per 1,000 cubic feet.

Analysts said optimism over China’s COVID moves was far more than the fears of a global recession.

The majority of Oklahoma energy stocks recorded losses for the day, including an 8% fall for PHX Minerals. A nearly 7% tumble was recorded by Empire Petroleum.

Alliance Resource Partners, L.P.
22.00 USD+0.56 (2.61%)
Chesapeake Energy Ord Shs
95.94 USD−1.71 (1.75%)
Coterra Energy Inc
24.31 USD−0.43 (1.74%)
Devon Energy Corp
59.26 USD−0.82 (1.36%)
Empire Petroleum Corp
10.27 USD−0.73 (6.64%)
Gulfport Energy Corp
70.22 USD−2.56 (3.52%)
Helmerich & Payne, Inc.
46.81 USD−0.020 (0.043%)
LSB Industries Inc
13.48 USD−0.14 (1.03%)
Laredo Petroleum Inc
50.70 USD−0.89 (1.73%)
Magellan Midstream Partners LP
49.57 USD−0.90 (1.78%)
Mammoth Energy Services Inc
7.16 USD+0.24 (3.47%)
 Matrix Service Co
6.24 USD−0.10 (1.58%)
NGL Energy Partners LP
1.17 USD−0.015 (1.27%)
OGE Energy Corp.
39.10 USD−0.42 (1.06%)
ONE Gas Inc
74.69 USD+0.37 (0.50%)
ONEOK, Inc.
63.37 USD−1.12 (1.74%)
Ovintiv Inc
49.30 USD−0.87 (1.73%)
PHX Minerals Inc
3.69 USD−0.31 (7.75%)
SandRidge Energy Inc
17.11 USD−0.13 (0.75%)
Unit Corp
57.10 USD+0.35 (0.62%)
Williams Companies Inc
32.07 USD−0.28 (0.87%)
Higher Oil Prices Keeping the Pressure on at the Pump | AAA Newsroom
Other energy stocks also recorded losses for the day according to the Texas Energy Report.

Apache (APA) up 0.05 at 43.84 – change 0.11%

Cheniere (LNG) down 5.34 at 152.27 – change 3.39%

Chevron (CVX) up 1.15 at 169.88 – change 0.68%

ConocoPhillips (COP) up 0.03 at 110.41 – change 0.03%

Diamondback Energy (FANG) down 0.74 at 133.58 – change 0.56%

Energy Transfer LP (ET) down 0.10 at 11.56 – change 0.86%

Enterprise Products Partners (EPD) down 0.32 at 23.48 – change 1.35%

EOG Resources (EOG) down 0.24 at 125.53 – change 0.20%

ExxonMobil (XOM) up 0.47 at 105.57 – change 0.44%

Kinder Morgan (KMI) down 0.18 at 17.51 – change 1.02%

Marathon Oil Corp. (MRO) down 0.30 at 27.03 – change 1.10%

NOV Inc. (NOV) down 0.26 at 19.59 – change 1.31%

Occidental Petroleum (OXY) down 0.12 at 62.41 – change 0.20%

Phillips 66 (PSX) down 0.03 at 100.61 – change 0.03%

Pioneer Natural Resources (PXD) down 0.85 at 218.07 – change 0.39%

Tellurian Inc. (TELL) down 0.62 at 1.80 – change 25.62%

Valero (VLO) down 0.34 at 119.71 – change 0.28%

CLOSING TOP UTILITY STOCKS

American Electric Power (AEP) down 0.57 at 94.00 – change 0.61%

CenterPoint (CNP) down 0.03 at 29.98 – change 0.10%

Entergy (ETR) down 1.31 at 113.14 – change 1.15%