The government’s forecast of less U.S. oil production this year and next sent crude oil prices climbing to a two-week high on Tuesday. It also resulted in some rather dramatic gains for some Oklahoma energy stocks.
The forecast came from the U.S. Energy Information Administration. Along with renewed Houthi attacks on Red Sea shipping, it sent prices to their highest closes since June 23.
Brent crude, the international standard, rose 57 cents or 0.8% to settle at $70.15 a barrel.
West Texas Intermediate crude, the U.S. benchmark, finished up 40 cents for a 0.6% gain at $68.33 a barrel on the New York Mercantile Exchange.
While most Oklahoma energy stocks were split in Tuesday’s trading, some firms recorded some rather large gains including a 13% jump for Vital Energy of Tulsa, 9% for Stardust Power, and 7% for Helmerich & Payne and Devon Energy.