Crude oil prices jumped nearly 2% and reached a 10-month high in Tuesday’s trading and Oklahoma energy stocks had gains of 5% and 6%.
The increase in crude oil came over the tigher supply outlook and OPEC’s decision to continue with production cuts.
West Texas Intermediate crude rose $1.55 or 1.8% and settled at $88.84 a barrel on the New York Mercantile Exchange.
Global benchmark Brent crude gained $1.42 or 1.6% and finished at $92.06 a barrel on ICE Futures Europe.
Both benchmarks closed at their highest levels since November 2022 and raised more speculation that they might reach $100 a barrel.
October natural gas rose 13 cents to $2.74 per 1,000 cubic feet.
Oklahoma energy stocks recorded a strong day with some firms recording 4%, 5% and 6% gains for the day.
Other energy stocks had an equally strong day in trading, according to the Texas Energy Report.
APA Corp. (Apache) (APA) up 1.31 at 44.20 – change 3.05%
Cheniere (LNG) up 2.54 at 164.09 – change 1.57%
Chevron (CVX) up 3.05 at 166.81 – change 1.86%
ConocoPhillips (COP) up 2.64 at 123.08 – change 2.19%
Diamondback Energy (FANG) up 3.75 at 156.31 – change 2.45%
Energy Transfer LP (ET) up 0.06 at 13.66 – change 0.44%
Enterprise Products Partners (EPD) up 0.14 at 26.85 – change 0.52%
EOG Resources (EOG) up 3.92 at 134.09 – change 3.01%
ExxonMobil (XOM) up 3.33 at 117.49 – change 2.91%
Kinder Morgan (KMI) up 0.46 at 17.13 – change 2.75%
Marathon Oil Corp. (MRO) up 0.97 at 27.13 – change 3.70%
NOV Inc. (NOV) up 0.34 at 21.24 – change 1.62%
Occidental Petroleum (OXY) up 2.59 at 66.43 – change 4.05%
Phillips 66 (PSX) up 1.94 at 124.28 – change 1.58%
Pioneer Natural Resources (PXD) up 2.54 at 236.19 – change 1.09%
Tellurian Inc. (TELL) up 0.06 at 1.28 – change 4.91%
Valero (VLO) up 2.52 at 146.26 – change 1.75%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) up 0.02 at 77.81 – change 0.02%
CenterPoint (CNP) down 0.01 at 28.30 – change 0.04%
Entergy (ETR) up 0.41 at 95.74 – change 0.43%