Even with US imports from Saudi Arabia down to nearly a 35-year low, crude oil prices are like a pogo stick…up one day and down the next. On Wednesday, prices dropped in the US and overseas.
West Texas Intermediate July futures closed down 42 cents or 1%, settling at $37.96 a barrel in trading on the New York Mercantile Exchange. Brent crude also fell 42 cents or 1% finishing at $40.54 a barrel on the ICE futures.
Natural gas finished Wednesday up 2 cents or 1.5%, settling at $$1.64 per MMBtu.
While many await a decision by Chesapeake Energy leaders regarding a speculated chapter 11 bankruptcy, company stocks fell 14% or $2.12 on Wednesday, ending the day at $13.24 a share.
SandRidge Energy dropped 9% or 15 cents a share, settling at $1.43 at day’s end. Devon Energy dropped 5% or 67 cents and finished at $12.63.
ConocoPhillips fell $1.10 or 2.4% to end the day at $44.02 a share. EOG Resources saw a decline of 4% or $2.12 a share before concluding the day at $52.48.
Marathon Oil ended Wednesday’s session down 37 cents or 5.5% at $6.37 a share. ONEOK dropped 6% or $2.23 before finishing the day at $36.17.
Phillips 66 dropped 5.4% or $4.16 a share and finished the day at $72.88. American Electric Power added 65 cents and settled at $82.25 a share.