Crude oil prices managed moderate gains on Friday but still finished the week with their steepest weekly losses since March. Oklahoma energy stocks recorded 3% and 4% gains for the day.
What prompted the crude oil gains? Largely it was due to a partial lifting of Russia’s fuel export ban.
As a result, West Texas Intermediate finished up 48 cents at $82.79 per barrel on the New York Mercantile Exchange.
Brent futures, considered the global benchmark, rose 51 cents and finished at $84.58 per barrel on ICE Futures Europe.
Still, Brent finished down 11% for the week and WTI, the US benchmark, was down 8% for the same time period. There remains concern that high interest rates will only drag down global growth and harm fuel demand.
November natural gas rose 17 cents to $3.34 per 1,000 cubic feet.
Oklahoma energy stocks had a strong rebound in Friday’s trading with some seeing a 4% gain, including Chesapeake Energy and Ovintinv Inc.
APA Corp. (Apache) (APA) down 0.15 at 37.59 – change 0.38%
Cheniere (LNG) up 2.75 at 163.35 – change 1.71%
Chevron (CVX) down 1.67 at 162.22 – change 1.02%
ConocoPhillips (COP) up 1.91 at 115.33 – change 1.68%
Diamondback Energy (FANG) up 6.11 at 151.22 – change 4.21%
Energy Transfer LP (ET) up 0.10 at 13.46 – change 0.74%
Enterprise Products Partners (EPD) up 0.03 at 26.96 – change 0.11%
EOG Resources (EOG) up 2.22 at 120.68 – change 1.87%
Exxon Mobil (XOM) down 1.82 at 107.17 – change 1.67%
Kinder Morgan (KMI) up 0.10 at 16.26 – change 0.61%
Marathon Oil Corp. (MRO) up 0.35 at 24.59 – change 1.44%
NOV Inc. (NOV) up 0.18 at 18.96 – change 0.95%
Occidental Petroleum (OXY) up 1.98 at 61.40 – change 3.33%
Phillips 66 (PSX) down 0.29 at 109.19 – change 0.27%
Pioneer Natural Resources (PXD) up 22.47 at 237.43 – change 10.45%
Tellurian Inc. (TELL) down 0.01 at 1.02 – change 0.98%
Valero (VLO) down 0.95 at 126.53 – change 0.75%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) up 0.86 at 72.19 – change 1.20%
CenterPoint (CNP) up 0.25 at 26.87 – change 0.93%
Entergy (ETR) up 0.23 at 91.99 – change 0.25%