The turmoil over crude oil production in Venezuela following the U.S. capture of leader Nicolas Maduro last weekend sent prices up more than 3% on Thursday. Oklahoma energy stocks soared with the oil prices.
While President Trump prepares to meet Friday with American oil and gas leaders to discuss restoration of the Venezuelan energy industry, Cubans braced for a deepening economic crisis as a result of the capture of Maduro after former President Joe Biden put a $25 million reward on his head.
Cuba, the country that lost dozens of soldiers who were security for Maduro and died in the U.S. Special Forces attack, faces the severing of a critical energy lifeline for the Communist-run island. Gas stations were shuttered in Cuba’s port of Matanzas where oil tankers dock. Cubans anticipate even worse conditions now that the U.S. has cut off their major oil supply.
Global benchmark Brent crude rose $2.03 or 3.4% and closed at $62 a barrel.
West Texas Intermediate crude, the U.S. benchmark, finished at $57.76 a barrel on the New York Mercantile Exchange after a gain of $1.77 or 3.2%.
Thursday resulted in another day of losses for natural gas prices as they settled at $3.403 MMBtu following a drop of $0.122 or 3.46% for the day.
Oklahoma energy stocks had a good trading day with only 3 firms recording losses. Among those with significant gains were Empire Petroleum leading all with a 12% jump for the day while NGL Energy Partners rose 7%. Devon Energy, LSB Industries, Ovintiv and SandRidge Energy recorded strong 4% and 5% increases.