After making significant gains last week, oil futures on Friday dropped and analysts blamed fresh outbreaks of COVID-19 in China for taking the glow off the outlook for energy demand.
West Texas Intermediate crude for February delivery plunged $1.21 before settling at $52.36 in trading on the New York Mercantile Exchange. That represents a loss of 2.26% for the US benchmark.
Global benchmark Brent crude for March delivery dropped even more, falling $1.51 or 2.68% before finishing at $54.91 in trading on ICE Futures Europe.
While oil futures fell, natural gas prices on the NYMEX increased 7 cents per MMBtu and finished the day at $2.74, a gain of 2.66%.
Oklahoma energy stocks saw some increases while others suffered losses.
The Texas Energy Report had the day’s trading on other energy stocks.
Chevron (CVX) down 3.40 at 92.09 – change 3.57%
Concho Resources (CXO) down 4.20 at 65.59 – change 6.02%
ConocoPhillips (COP) down 2.75 at 45.12 – change 5.75%
Diamondback Energy (FANG) down 2.70 at 59.23 – change 4.36%
Energy Transfer LP (ET) down 0.12 at 7.01 – change 1.69%
Enterprise Products Partners (EPD) down 0.19 at 22.94 – change 0.83%
EOG Resources (EOG) down 3.05 at 59.19 – change 4.91%
ExxonMobil (XOM) down 2.42 at 47.89 – change 4.82%
Kinder Morgan (KMI) down 0.15 at 15.49 – change 0.96%
Marathon Oil Corp. (MRO) down 0.42 at 8.25 – change 4.85%
National Oilwell Varco (NOV) down 0.82 at 14.75 – change 5.27%
Occidental Petroleum (OXY) down 1.85 at 22.39 – change 7.64%
Phillips 66 (PSX) down 2.40 at 71.73 – change 3.24%
Pioneer Natural Resources (PXD) down 5.00 at 127.38 – change 3.78%
Valero (VLO) down 1.97 at 58.30 – change 3.27%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) up 1.64 at 80.47 – change 2.08%
CenterPoint (CNP) up 0.61 at 21.46 – change 2.92%
Entergy (ETR) up 1.25 at 95.25 – change 1.32%