China’s move on Monday to do something about its sagging economy resulted in a gain in crude oil prices as well as Oklahoma energy stocks.
Here’s what China did. It halved stamp duty on stock trading in its latest attempt to boost struggling markets.
West Texas Intermediate crude, considered the US benchmark, gained 45 cents for the day or 0.6% to close at $80.28 a barrel on the New York Mercantile Exchange.
Global benchmark Brent crude ended the day up 65 cents or 0.8% at $85.13 a barrel on ICE Futures Europe.
Still, it’ll be worth watching to see what Tropical Storm Idalia does and whether it puts oil and gas output at risk in the U.S. Gulf.
September natural gas rose 4 cents to $2.58 per 1,000 cubic feet.
The majority of Oklahoma energy stocks recorded gains in Monday’s trading with a 5% jump at Matrix Serices Inc.
Many other energy stocks recorded gains for the day, according to the Texas Energy Report.
APA Corp. (Apache) (APA) up 0.17 at 42.90 – change 0.39%
Cheniere (LNG) up 1.35 at 162.55 – change 0.83%
Chevron (CVX) up 1.09 at 160.21 – change 0.68%
ConocoPhillips (COP) up 1.00 at 117.52 – change 0.85%
Diamondback Energy (FANG) up 1.12 at 150.68 – change 0.75%
Energy Transfer LP (ET) up 0.25 at 13.41 – change 1.89%
Enterprise Products Partners (EPD) up 0.21 at 26.53 – change 0.79%
EOG Resources (EOG) up 0.34 at 127.42 – change 0.26%
ExxonMobil (XOM) up 0.91 at 109.16 – change 0.84%
Kinder Morgan (KMI) up 0.02 at 17.36 – change 0.11%
Marathon Oil Corp. (MRO) up 0.30 at 25.92 – change 1.17%
NOV Inc. (NOV) up 0.56 at 20.68 – change 2.78%
Occidental Petroleum (OXY) up 0.40 at 62.24 – change 0.64%
Phillips 66 (PSX) down 0.76 at 113.13 – change 0.67%
Pioneer Natural Resources (PXD) up 2.64 at 236.42 – change 1.12%
Tellurian Inc. (TELL) down 0.02 at 1.14 – change 1.71%
Valero (VLO) down 1.52 at 131.60 – change 1.15%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) down 0.13 at 79.20 – change 0.17%
CenterPoint (CNP) unchanged at 28.22 – change 0.00%
Entergy (ETR) up 0.48 at 95.28 – change 0.50%
