Not only did crude oil prices make a 3% gain in Wednesday’s trading, largely because of the steep drop in U.S. crude stocks such as those at the Cushing Hub, but Oklahoma energy stocks soared 4% and 5%.
U.S. crude prices rose to nearly $94 a barrel, no doubt generating speculation of just how close to $100 a barrel prices might reach in the states.
It was the highest settlement in 2023 for crude oil prices as the declining U.S. crude stocks only compounded worries of tight global supplies, according to Reuters.
West Texas Intermediate crude rose $3.29 a barrel or 3.6% and settled at $93.68, just under the session high of $94 a barrel on the New York Mercantile Exchange.
Global benchmark Brent crude recorded a gain of $2.59 or 2.8% per barrel and finished the day at $96.55 on ICE Futures Europe. At one point in the trading, prices hit $97 a barrel.
Natural gas prices also had a big gain—11 cents or 4.07% to finish at $2.76.
The jump in prices came after the U.S. government reported a 2.2 million barrel fall in crude stocks.
Oklahoma energy stocks made significant gains for the day with some firms seeing increases of 4% and 5%. In the 5% region were Gulfport Energy Corp., Helmerich and Payne along with Ovintiv Inc.
Big gains were recorded by other energy stocks, according to the Texas Energy Report.
APA Corp. (Apache) (APA) up 1.33 at 42.38 – change 3.23%
Cheniere (LNG) up 3.45 at 165.46 – change 2.12%
Chevron (CVX) up 3.24 at 171.04 change 1.93%
ConocoPhillips (COP) up 3.55 at 123.09 – change 2.96%
Diamondback Energy (FANG) up 4.17 at 157.22 – change 2.72%
Energy Transfer LP (ET) up 0.09 at 13.95 – change 0.64%
Enterprise Products Partners (EPD) up 0.16 at 27.37 – change 0.58%
EOG Resources (EOG) up 2.93 at 129.81 – change 2.30%
Exxon Mobil (XOM) up 3.79 at 120.20 – change 3.29%
Kinder Morgan (KMI) up 0.19 at 16.66 – change 1.15%
Marathon Oil Corp. (MRO) up 1.10 at 27.39 – change 4.18%
NOV Inc. (NOV) up 0.96 at 21.54 – change 4.66%
Occidental Petroleum (OXY) up 2.45 at 65.59 – change 3.87%
Phillips 66 (PSX) up 1.38 at 120.80 – change 1.15%
Pioneer Natural Resources (PXD) up 6.22 at 234.09 – change 2.72%
Tellurian Inc. (TELL) up 0.06 at 1.18 – change 5.35%
Valero (VLO) up 2.37 at 143.94 – change 1.67%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) down 0.48 at 75.86 – change 0.63%
CenterPoint (CNP) down 0.15 at 27.15 – change 0.52%
Entergy (ETR) up 0.05 at 93.25 – change 0.05%