PEMA Professional Energy Marketers Association
Crude oil prices finally made some gains on Friday, increasing by 2% but they still were down overall for the seventh consecutive week, largely because investors are concerned about an oversupply of crude oi. It turned out to be the longest streak of weekly declines in half a decade.
West Texas Intermediate, the US benchmark, finished up $1.89 or 2.7% per barrel and closed at $71.23 on the New York Mercantile Exchange.
The global standard, Brent, rose $1.79 or 2.4% per barrel to reach $75.84 on ICE Futures Europe.
Both lost 3.8% for the week and hit their lowest level since late June on Thursday. Analysts say it’s a sign traders think the market is oversupplied.
January natural gas fell 1 cent to $2.58 per 1,000 cubic feet.
For most Oklahoma energy stocks, Friday brought gains, including a 4% increase for SandRidge Energy.
APA Corp. (Apache) (APA) up 0.64 at 34.47 – change 1.89%
Cheniere (LNG) up 4.38 at 176.21 – change 2.54%
Chevron (CVX) up 1.89 at 144.31 – change 1.82%
ConocoPhillips (COP) up 1.22 at 112.07 – change 1.10%
Diamondback Energy (FANG) up 1.13 at 148.72 – change 0.77%
Energy Transfer LP (ET) down 0.03 at 13.30 – change 0.23%
Enterprise Products Partners (EPD) up 0.08 at 26.33 – change 0.30%
EOG Resources (EOG) up 0.61 at 118.96 – change 0.51%
Exxon Mobil (XOM) up 1.12 at 99.55 – change 1.14%
Kinder Morgan (KMI) up 0.20 at 17.70 – change 1.14%
Marathon Oil Corp. (MRO) up 0.43 at 24.09 – change 1.81%
NOV Inc. (NOV) up 0.47 at 18.92 – change 2.54%
Occidental Petroleum (OXY) up 0.07 at 56.47 – change 0.12%
Phillips 66 (PSX) up 0.70 at 125.32 – change 0.56%
Pioneer Natural Resources (PXD) up 2.45 at 223.05 – change 1.11%
Tellurian Inc. (TELL) up 0.08 at 0.74 – change 12.34%
Valero (VLO) up 0.67 at 122.74 – change 0.54%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) down 0.57 at 79.64 – change 0.70%
CenterPoint (CNP) up 0.01 at 28.77 – change 0.03%
Entergy (ETR) up 0.12 at 102.01 – change 0.11%
The post Crude rose on Friday but not enough to offset a 7th straight week of declines first appeared on Oklahoma Energy Today.
