As crude oil prices rose 3% in Thursday’s trading, largely boosted by a weaker dollar and a new international oil demand forecast for next year, Oklahoma energy stocks gained from 4% to 6%.
The demand forecast came from the International Energy Agency which lifted its demand forecast for the coming year, a move that saw crude oil prices climb from their six month low.
West Texas Intermediate crude, the US benchmark rose $2.11 or 3% per barrel to finish the day at $71.58 on the New York Mercantile Exchange.
Global benchmark Brent crude gained $2.35 or 3.2% per barrel and settled at $76.61 on ICE Futures Europe.
Slower than expected demand growth in Europe, Russia and the Middle East pushed prices higher and the International Energy AGency cuts it global oil demand growth forecast by 400,000 b/d. The EIA cited weakening of the macroeconomic climate and the impact of electric transportation. It said world oil demand is now on track to rise 2.3 million b/d to 101.7 million b/d in 2023, down from a previous forecast of 102 million b/d last month.
January natural gas rose 5 cents to $2.39 per 1,000 cubic feet.
Oklahoma energy stocks took advantage of the rising oil prices and recorded gains for the day including a 6% boost for NGL Energy Partners and 4% for Vital Energy.
Other energy stocks also recorded gains including NOV with a 5% increase, according to the Texas Energy Report.
APA Corp. (Apache) (APA) up 0.89 at 35.74 – change 2.55%
Cheniere (LNG) up 1.44 at 171.54 – change 0.84%
Chevron (CVX) up 5.32 at 149.93 – change 3.67%
ConocoPhillips (COP) up 3.10 at 114.95 – change 2.77%
Diamondback Energy (FANG) up 3.98 at 153.44 – change 2.66%
Energy Transfer LP (ET) up 0.23 at 13.76 – change 1.69%
Enterprise Products Partners (EPD) up 0.28 at 26.49 – change 1.10%
EOG Resources (EOG) up 3.62 at 120.60 – change 3.09%
Exxon Mobil (XOM) up 2.66 at 101.58 – change 2.68%
Kinder Morgan (KMI) up 0.21 at 17.69 – change 1.20%
Marathon Oil Corp. (MRO) up 0.51 at 24.44 – change 2.13%
NOV Inc. (NOV) up 0.96 at 20.07 – change 5.02%
Occidental Petroleum (OXY) up 1.54 at 58.76 – change 2.69%
Phillips 66 (PSX) up 2.95 at 130.11 – change 2.31%
Pioneer Natural Resources (PXD) up 5.83 at 228.45 – change 2.61%
Tellurian Inc. (TELL) up 0.02 at 0.67 – change 3.46%
Valero (VLO) up 4.38 at 129.18 – change 3.50%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) down 0.24 at 83.33 – change 0.29%
CenterPoint (CNP) down 0.50 at 29.70 – change 1.66%
Entergy (ETR) down 2.13 at 103.27 – change 2.03%