Crude oil prices respond to European Central Bank interest rate cut

For a second consecutive day, crude oil prices recorded gains on Thursday. They rose 2% after the European Central Bank cut interest rates for the first time since 2019—something investors hope the U.S. Federal Reserve will also do in September.

At the same time, OPEC+ ministers gave assurances to invesstors that their weekend output agreement might change. It depends on the market.

West Texas Intermediate crude rose $1.48 or 2% per barrel to close at $75.55 on the New York Mercantile Exchange.

Brent crude finished up $1.46 or 1.86% at $79.87 a barrel on ICE Futures Europe.

July natural gas rose 6 cents to $2.82 per 1,000 cubic feet.

Thursday proved to be another “mixed” day of trading for Oklahoma energy stocks. The strongest gain of the day belonged to Alliance Resource Partners-–just about a 5% boost. But many others also recorded moderate losses.

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Other energy stocks were mixed too, according to the Texas Energy Report.

APA Corp. (Apache) (APA) up 0.23 at 29.23 – change 0.79%

Cheniere (LNG) up 0.59 at 160.59 – change 0.36%

Chevron (CVX) up 0.95 at 155.93 – change 0.61%

ConocoPhillips (COP) down 0.03 at 112.20 – change 0.03%

Diamondback Energy (FANG) up 1.85 at 191.04 – change 0.97%

Energy Transfer LP (ET) up 0.07 at 15.45 – change 0.45%

Enterprise Products Partners (EPD) up 0.07 at 28.42 – change 0.24%

EOG Resources (EOG) up 0.90 at 121.21 – change 0.74%

Exxon Mobil (XOM) up 0.85 at 113.97 – change 0.75%

Kinder Morgan (KMI) up 0.02 at 19.80 – change 0.10%

Marathon Oil Corp. (MRO) down 0.08 at 27.88 – change 0.29%

NOV Inc. (NOV) up 0.08 at 17.39 – change 0.46%

Occidental Petroleum (OXY) up 0.24 at 60.08 – change 0.40%

Phillips 66 (PSX) up 0.98 at 138.37 – change 0.71%

Tellurian Inc. (TELL) up 0.04 at 0.69 – change 6.26%

Valero (VLO) up 1.73 at 155.77 – change 1.12%

CLOSING TOP UTILITY STOCKS

American Electric Power (AEP) down 0.25 at 88.70 – change 0.29%

CenterPoint (CNP) down 0.18 at 30.25 – change 0.60%

Entergy (ETR) down 1.03 at 109.85 – change 0.93%