Crude prices recorded gains on increased hopes for interest rate cuts

When crude oil prices registered a second straight day of gains, Oklahoma energy stocks also recorded a big day with one firm shooting up 9%.

What might have sparked it was increased optimism for U.S. interest rate cuts because of a surprised slowdown in inflation.For the first time in a while, Brent crude actually settled above $85 a barrel. Reuters reported data showed U.S. consumer prices fell in June, stoking hopes the Federal Reserve will cut rates soon. After the data, traders priced an 89% probability of a rate cut in September, up from 73% on Wednesday.

The global benchmark finished up 2 cents or 0.4% to $85.40 a barrel on ICE Futures Europe.

US benchmark West Texas Intermediate crude gained 52 cents or 0.6% to close at $82.62 a barrel on the New York Mercantile Exchange.

August natural gas fell 6 cents to $2.27 per 1,000 cubic feet.

Oklahoma energy stocks rebounded Thursday with a strong day of gains—including a 9% jump for Mammoth Energy, 5% for Matrix Services and 4% for Vital Energy.

It was also a strong trading day for other energy stocks, according to the Texas Energy Report.

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APA Corp. (Apache) (APA) up 1.02 at 29.79 – change 3.54%

Cheniere (LNG) up 1.49 at 176.41 – change 0.85%

Chevron (CVX) up 0.13 at 155.26 – change 0.08%

ConocoPhillips (COP) up 1.46 at 113.99 – change 1.29%

Diamondback Energy (FANG) up 4.78 at 207.17 – change 2.36%

Energy Transfer LP (ET) up 0.03 at 16.30 – change 0.18%

Enterprise Products Partners (EPD) up 0.03 at 29.19 – change 0.10%

EOG Resources (EOG) up 1.95 at 128.16 – change 1.54%

Exxon Mobil (XOM) up 1.33 at 113.25 – change 1.18%

Kinder Morgan (KMI) up 0.06 at 20.16 – change 0.29%

Marathon Oil Corp. (MRO) up 0.45 at 28.61 – change 1.59%

NOV Inc. (NOV) up 0.56 at 18.36 – change 3.20%

Occidental Petroleum (OXY) up 0.07 at 61.48 – change 0.11%

Phillips 66 (PSX) up 2.95 at 136.91 – change 2.20%

Tellurian Inc. (TELL) up 0.01 at 0.65 – change 2.43%

Valero (VLO) down 1.74 at 146.63 – change 1.20%

CLOSING TOP UTILITY STOCKS

American Electric Power (AEP) up 2.59 at 90.84 – change 2.93%

CenterPoint (CNP) up 0.09 at 29.68 – change 0.30%

Entergy (ETR) up 2.57 at 108.49 – change 2.42%