U.S. crude prices rose 3% or $2 a barrel on Wednesday but Oklahoma energy stocks didn’t experience the same kind of gains.
The crude gains were in response to supply cuts announced earlier in the week by Saudi Arabia and Russia.
West Texas Intermediate crude managed a 2.9% or $2 a barrel gain to settle at $71.79 on the New York Mercantile Exchange.
Global benchmark Brent crude finished up 40 cents or 0.5% at $76.65 a barrel on ICE Futures Europe. The slight gain came after Brent rose $1.60 a barrel on Tuesday’s trading while there was no trading of WTI due to the July 4 holiday.
August natural gas fell 5 cents to $2.66 per 1,000 cubic feet.
Oklahoma energy stocks recorded mostly losses in Wednesday’s trading with Mammoth Energy and Unit Corporation falling 3%. On the flip side, SandRidge Energy gained 2.50% for the day.
It also turned out to be a weak trading day for other energy stocks, according to the Texas Energy Report.
APA Corp. (Apache) (APA) up 0.28 at 34.35 – change 0.85%
Cheniere (LNG) down 1.88 at 151.84 – change 1.23%
Chevron (CVX) down 0.90 at 156.31 – change 0.58%
ConocoPhillips (COP) down 0.21 at 104.02 – change 0.21%
Diamondback Energy (FANG) down 1.35 at 130.60 – change 1.03%
Energy Transfer LP (ET) down 0.01 at 12.84 – change 0.08%
Enterprise Products Partners (EPD) unchanged at 26.54 – change 0.00%
EOG Resources (EOG) down 0.41 at 114.29 – change 0.36%
ExxonMobil (XOM) down 0.56 at 106.91 – change 0.52%
Kinder Morgan (KMI) down 0.17 at 17.07 – change 0.99%
Marathon Oil Corp. (MRO) down 0.10 at 22.90 – change 0.44%
NOV Inc. (NOV) down 0.15 at 16.10 – change 0.93%
Occidental Petroleum (OXY) down 0.32 at 58.89 – change 0.55%
Phillips 66 (PSX) up 0.47 at 96.13 – change 0.49%
Pioneer Natural Resources (PXD) down 0.21 at 207.53 – change 0.11%
Tellurian Inc. (TELL) down 0.01 at 1.35 – change 0.74%
Valero (VLO) down 0.68 at 116.75 – change 0.58%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) up 0.48 at 85.80 – change 0.56%
CenterPoint (CNP) up 0.18 at 29.63 – change 0.61%
Entergy (ETR) up 1.02 at 99.16 – change 1.03%