Crude oil rebounded in Wednesday’s trading

  • June 5, 2024

After a rough first two days of the week, crude oil prices finally rebounded on Wednesday, going back up 1% from four-month lows.
Observers say the prices were buoyed by hopes of a September interest rate cut by the Federal Reserve. Those hopes apparently overcame any disappointment over increased U.S. crude and fuel stocks. As the U.S. Energy Information Administration reported Wednesday, U.S. crude stocks rose by 1.2 million barrels in the week to the end of May.
West Texas Intermediate crude rose 82 cents or 1.1% to close at $74.07 a barrel on the New York Mercantile Exchange.
Brent crude finished up 89 cents or 1.2% to $78.41 a barrel on ICE Futures Europe. 82 cents, or 1.1%, to $74.07.
U.S. crude stocks jumped by 1.2 million barrels in the week to May 31, compared with analysts’ estimates for a draw of 2.3 million barrels, data from the U.S. Energy Information Administration showed.
July natural gas rose 17 cents to $2.76 per 1,000 cubic feet.

Oklahoma energy stocks ended mixed for the day with ONE Gas dropping nearly 3% while Mammoth Energy gained a strong 2%.

Alliance Resource Partners, L.P.

23.28 USD -0.32 (-1.36%)

Canoo Inc

2.11 USD -0.05 (+2.43%)

Chesapeake Energy Corp

88.80 USD +0.24 (+0.27%)

Coterra Energy Inc

27.56 USD +0.08 (+0.21%)

Devon Energy Corp

46.62 USD -0.03 (-0.064%)

Empire Petroleum Corp

6.24 USD -0.04 (-0.64%)

Gulfport Energy Corp

158.38 USD +1.51 (+0.96%)

Helmerich and Payne Inc

35.30 USD +0.40 (+1.15%)

LSB Industries Inc

9.19 USD -0.16 (-1.71%)

Mach Natural Resources LP

19.22 USD +0.07 (+0.37%)

Mammoth Energy Services Inc

3.62 USD +0.08 (+2.26%)

Matrix Service Co

11.56 USD +0.10 (+0.87%)

NGL Energy Partners LP

5.88 USD +0.12 (+0.88%)

OGE Energy Corp

35.92 USD -0.63 (-1.72%)

ONE Gas Inc

61.45 USD -1.70 (-2.69%)

ONEOK Inc

79.16 USD +0.12 (+0.15%)

Ovintiv Inc

47.62 USD +0.11 (+0.23%)

PHX Minerals Inc

3.23 USD +0.01 (+0.31%)

SandRidge Energy Inc

13.00 USD -0.08 (-0.61%)

Southwestern Energy Co

7.28 USD +0.05 (+0.69%)

Unit Corp

37.00 USD +0.09 (+0.24%)

Vital Energy Inc

44.70 USD -0.19 (-0.42%)

Williams Companies Inc

41.58 USD +0.26 (+0.63%)

Jerry Bohnen