Crude up on Tuesday but natural gas scored a big jump

Crude oil prices were up slight in Tuesday’s trading but major gains were recorded in the price of natural gas and Oklahoma energy stocks.

Oil prices finished higher as investors questioned whether there would be disruptions to oil supply from Venezuela and Russia. Then, there was the factor of stronger-than-expected U.S. economic growth.

Reuters reported prices had risen by more than 2% on Monday, with Brent registering its biggest daily gain in two months and WTI climbing the most since November 14. The U.S. economy grew faster than expected, driven by robust consumer spending, the Commerce Department’s Bureau of Economic Analysis said in its initial estimate of third-quarter GDP on Tuesday.

Brent crude futures settled 31 cents, or 0.5%, higher to $62.38 a barrel. U.S. West Texas Intermediate crude was up 37 cents, or 0.64%, at $58.38 on the New York Mercantile Exchange.

Natural gas shot up nearly 12% on Tuesday, rising $0.475 for a 11.98% gain to settle at $4.40 MMBtu. Analysts credited the boost on “unexpectedly” colder weather forecasts across the U.S. in the coming weeks, although it certainly doesn’t feel like winter at this time.

Tuesday proved to be a strong trading day for Oklahoma energy stocks including Empire Petroleum with a 9% gain and Gulfport Energy at 4%. Down for the day was Stardust Power where its value dropped 7%.