Crude oil prices hit their highest mark since late September in Wednesday’s trading and natural gas prices also recorded a 7% gain amidst the winter storm that left hundreds of thousands without electrical power from Arkansas and Mississippi to the Carolinas.
West Texas Intermediate crude finished well above $60, rising 82 cents of 1.31% and closing at $63.21 a barrel on the New York Mercantile Exchange.
Global benchmark Brent crude closed up 83 cents or 1.23% to $68.40 a barrel.
Analysts attributed the latest gain on looming Iran concerns and a weak U.S. dollar lending further support. Reuters reported both benchmarks were headed for their biggest monthly rises in percentage terms since July 2023, with Brent set to rise around 12% and WTI around 10%.
Natural gas prices jumped to $7.200 MMBtu after gaining $0.246 or 3.54%.
Negative territory is where a majority of Oklahoma energy stocks finished Wednesday. Mammoth Energy Services led the way with a 3% fall. On the upside, Gulfport Energy finished up 3%.