The dramatic drop in the nation’s oil and gas rig count went hand in hand as WTI crude oil prices dropped another $1.09 per barrel in Friday’s trading, ending the day at $21.51 per barrel. But Canadian oil plunged to about $5 a barrel in US money,
Brent crude in London fell by $1.24 to end the day at $25.10 a barrel. National gas slipped a penny to $1.63 in trading on the New York Mercantile Exchange..
Western Canadian Select crude, the main grade produced in Canada’s energy patch, fell to a record low of US$5.03 on Friday, according to Bloomberg data going back to 2008. The steep decline has energy experts considering another unpleasant rarity for oil.
“There is no reason to think that oil prices couldn’t go negative for a period of time,” Raymond James analyst Jeremy McCrea told Yahoo Finance Canada. “I would have never considered it before. But in the current context, it’s not out of the realm of possibilities now.”
Of Oklahoma related stocks, most reported a drop in the value of their shares. Chesapeake Energy was down not quite 2 cents to 17 cents a share at the end of the day.
ConocoPhillips fell $2.84 to $29.25 a share while Devon Energy dropped $1.07 to $6.29 per share.
ONEOK plummeted $3.42 a share to $20.94 while SandRidge Energy finished the day down 15 cents at 95 cents a share.
NGL Energy Partners fell 39 cents and closed Friday at $2.31 a share. Trading opened on Monday at $3.63 a share.
Pioneer Natural Resources plunged $5.69 a share before finishing at $68.65.\
PSO’s parent company, American Electric Power added $1.60 a share in value and finished Friday at $83.40.