Crude oil prices and Oklahoma energy stocks soared in value in Monday’s trading after OPEC+ stunned markets with announced intentions to cut more production. Prices rose 6% while OK energy stocks gained as much as 11% and 12% in several instances.
Investors apparently are worried that crude oil supplies will tighten following the decision by OPEC+.
West Texas Intermediate crude for May delivery increased 6.3% as prices rose $4.75 per barrel to close at $80.42 in trading on the New York Mercantile Exchange. WTI rose to a two-month high during the session.
Global benchmark Brent crude gained $5.04 a barrel, also 6.3% and finished at $84.93 a barrel on ICE Futures Europe. During trading, Brent high $86.44 a barrel, its highest mark since March 7.
May natural gas fell 12 cents to $2.10 per 1,000 cubic feet.
Oklahoma energy stocks recorded a strong Monday in trading with a nearly 12% gain for Ovintiv and 11% jumps for Mammoth Energy Services, NGL Energy Partners, and Vital Energy.
APA Corp. (Apache) (APA) up 3.14 at 39.20 – change 8.70%
Cheniere (LNG) up 0.55 at 158.15 – change 0.34%
Chevron (CVX) up 6.79 at 169.95 – change 4.16%
ConocoPhillips (COP) up 9.21 at 108.42 – change 9.28%
Diamondback Energy (FANG) up 9.26 at 144.43 – change 6.85%
Energy Transfer LP (ET) up 0.35 at 12.82 – change 2.80%
Enterprise Products Partners (EPD) up 0.21 at 26.11 – change 0.81%
EOG Resources (EOG) up 6.78 at 121.41 – change 5.91%
ExxonMobil (XOM) up 6.47 at 116.13 – change 5.90%
Kinder Morgan (KMI) up 0.15 at 17.66 – change 0.85%
Marathon Oil Corp. (MRO) up 2.37 at 26.33 – change 9.89%
NOV Inc. (NOV) up 0.53 at 19.04 – change 2.86%
Occidental Petroleum (OXY) up 2.75 at 65.18 – change 4.40%
Phillips 66 (PSX) up 1.53 at 102.91 – change 1.50%
Pioneer Natural Resources (PXD) up 9.13 at 213.37 – change 4.47%
Tellurian Inc. (TELL) up 0.02 at 1.25 – change 1.62%
Valero (VLO) down 1.07 at 138.53 – change 0.77%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) down 0.09 at 90.90 – change 0.10%
CenterPoint (CNP) down 0.11 at 29.35 – change 0.38%
Entergy (ETR) down 0.57 at 107.18 – change 0.52%