Middle East tensions on Thursday offset US inflation worries, causing crude oil prices to gain about 1% in trading. Prices rose after Iran seized another crude oil tanker off the coast of Oman, thus increasing prospects of escalating the conflict in that part of the world.
Here in the states, US benchmark West Texas Intermediate crude rose 65 cents or 0.9% and finished at $72.02 a barrel on the New York Mercantile Exchange.
The global benchmark, Brent crude, went up 61 cents or 0.8% and closed at $77.41 a barrel on ICE Futures Europe.
Both benchmarks had earlier gained more than $2 a barrel, but the gains retreated on a surprise jump in U.S. inflation.
February natural gas rose 6 cents to $3.10 per 1,000 cubic feet.
As a result of the crude oil price gains, Oklahoma energy stocks were left in a mixed situation. Chesapeake had the biggest gain on word of its merger with Southwestern Energy. Shares rose more than 3% for the day.
But others recorded losses including LSB Industries and OGE Enery Corp. at more than 3% each.
APA Corp. (Apache) (APA) down 0.11 at 32.46 – change 0.34%
Cheniere (LNG) down 2.48 at 164.66 – change 1.49%
Chevron (CVX) up 0.78 at 145.28 – change 0.53%
ConocoPhillips (COP) down 0.18 at 111.00 – change 0.17%
Diamondback Energy (FANG) up 0.03 at 151.38 – change 0.01%
Energy Transfer LP (ET) unchanged at 13.92 – change 0.00%
Enterprise Products Partners (EPD) down 0.10 at 26.80 – change 0.38%
EOG Resources (EOG) down 0.01 at 114.98 – change 0.01%
Exxon Mobil (XOM) down 0.02 at 98.67 – change 0.03%
Kinder Morgan (KMI) down 0.11 at 17.84 – change 0.62%
Marathon Oil Corp. (MRO) down 0.09 at 22.94 – change 0.36%
NOV Inc. (NOV) up 0.36 at 19.45 – change 1.88%
Occidental Petroleum (OXY) up 0.33 at 57.13 – change 0.58%
Phillips 66 (PSX) up 0.87 at 130.28 – change 0.67%
Pioneer Natural Resources (PXD) down 0.65 at 220.37 – change 0.30%
Tellurian Inc. (TELL) unchanged at 0.66 – change 0.00%
Valero (VLO) up 3.23 at 128.00 – change 2.58%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) down 2.14 at 80.40 – change 2.60%
CenterPoint (CNP) down 0.90 at 28.35 – change 3.08%
Entergy (ETR) down 2.07 at 102.47 – change 1.99%