U.S. crude prices settled higher than $90 a barrel on Thursday, setting off inflation worries and concerns it might lead to another hike in interest rates by the Federal Reserve. At the same time, Oklahoma energy stocks recorded mostly gains for the day.
Rising oil costs mean higher gasoline prices and fuel supplies and last week the Biden administration polled oil refiners about their operating plans. Economists say the higher oil prices are a burden on global economies because it means higher transportation and manufacturing costs.
West Texas Intermediate crude for October delivery went up $1.64 or 1.9% on Thursday to finish at $90.16 a barrel on the New York Mercantile Exchange. It was the first close above $90 since November 2022.
Brent crude rose $1.82, or 1.98%, to settle at $93.70, after touching $93.89, its highest since November 2022.
October natural gas rose 3 cents to $2.71 per 1,000 cubic feet.
The majority of Oklahoma energy stocks recorded gains for the day including a more than 3% increase for PHX Minerals. But a few experienced declines such as Vital Energy which lost nearly 8%.
According to the Texas Energy Report, other energy stocks made gains in Thursday’s trading.
APA Corp. (Apache) (APA) up 0.88 at 42.98 – change 2.09%
Cheniere (LNG) up 2.84 at 165.56 – change 1.74%
Chevron (CVX) up 1.03 at 167.23 – change 0.61%
ConocoPhillips (COP) up 2.19 at 124.50 – change 1.79%
Diamondback Energy (FANG) up 2.13 at 157.91 – change 1.36%
Energy Transfer LP (ET) up 0.03 at 13.57 – change 0.22%
Enterprise Products Partners (EPD) up 0.13 at 27.09 – change 0.48%
EOG Resources (EOG) up 1.75 at 134.66 – change 1.31%
Exxon Mobil (XOM) up 2.08 at 118.52 – change 1.78%
Kinder Morgan (KMI) up 0.15 at 17.30 – change 0.87%
Marathon Oil Corp. (MRO) up 0.76 at 27.33 – change 2.86%
NOV Inc. (NOV) up 0.45 at 20.85 – change 2.20%
Occidental Petroleum (OXY) up 0.98 at 67.30 – change 1.47%
Phillips 66 (PSX) down 0.20 at 122.97 – change 0.17%
Pioneer Natural Resources (PXD) up 1.52 at 237.35 – change 0.64%
Tellurian Inc. (TELL) up 0.07 at 1.29 – change 5.73%
Valero (VLO) up 0.47 at 145.94 – change 0.32%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) up 1.27 at 80.59 – change 1.60%
CenterPoint (CNP) up 0.34 at 28.98 – change 1.18%
Entergy (ETR) up 1.66 at 98.75 – change 1.70%