Make it six trading sessions of losses for crude oil prices as the oil market now has seen 15% declines since early July. Oklahoma energy stocks had their losses too in Thursday’s trading.
The weakened global demand from the increase in COVID-19 cases has resulted in oil prices at lows not seen since May.
Both West Texas Intermediate crude and Brent crude fell 2.6% on Thursday.
West Texas Intermediate dropped $1.71 to finish at $63.50 a barrel, rebounding slightly after falling to $62.41 a barrel, the lowest level since May 21, earlier in the day.
Global benchmark Brent crude finished down $1.78 at $66.45 a barrel on ICE Futures Europe. It also reached its lowest level since May 21 after touching $65.57 in earlier trading on Thursday.
The impact of the drop in prices was held by Oklahoma energy stocks as only one or two made gains for the day. Most suffered losses including Cypress Environmental which recorded a nearly 11% drop in its prices.
7.59 USD −0.22 (2.82%)
3.33 USD +0.080 (2.46%)
51.97 USD −0.45 (0.86%)
58.54 USD −1.86 (3.08%)
33.48 USD −0.66 (1.93%)
1.36 USD −0.16 (10.82%)
25.34 USD −0.80 (3.06%)
7.41 USD −0.27 (3.52%)
64.76 USD −0.21 (0.32%)
24.25 USD −0.72 (2.88%)
8.28 USD −0.32 (3.72%)
37.85 USD −1.24 (3.16%)
46.77 USD −0.87 (1.83%)
3.20 USD −0.080 (2.44%)
10.46 USD −0.060 (0.57%)
1.48 USD −0.045 (2.95%)
35.39 USD −0.27 (0.76%)
72.07 USD −0.080 (0.11%)
49.27 USD −1.29 (2.55%)
22.64 USD −0.36 (1.57%)
2.53 USD −0.070 (2.69%)
7.90 USD −0.13 (1.62%)
21.39 USD +0.39 (1.86%)
23.89 USD −0.15 (0.62%)
There was also a downward trend for other energy stocks according to the Texas Energy Report.
Cabot Oil & Gas (COG) down 0.44 at 14.59 – change 2.93%
Chevron (CVX) down 2.41 at 94.29 – change 2.50%
ConocoPhillips (COP) down 1.10 at 52.44 – change 2.04%
Diamondback Energy (FANG) down 1.93 at 67.88 – change 2.77%
Energy Transfer LP (ET) down 0.15 at 8.94 – change 1.64%
Enterprise Products Partners (EPD) down 0.54 at 21.30 – change 2.48%
EOG Resources (EOG) down 1.11 at 64.26 – change 1.69%
ExxonMobil (XOM) down 1.66 at 52.73 – change 3.06%
Kinder Morgan (KMI) down 0.40 at 15.89 – change 2.46%
Marathon Oil Corp. (MRO) down 0.46 at 10.68 – change 4.13%
National Oilwell Varco (NOV) down 0.30 at 12.08 – change 2.43%
Occidental Petroleum (OXY) down 1.36 at 22.09 – change 5.80%
Phillips 66 (PSX) down 1.88 at 66.27 – change 2.76%
Pioneer Natural Resources (PXD) down 1.87 at 140.47 – change 1.32%
Valero (VLO) down 2.00 at 60.24 – change 3.22%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) up 0.65 at 90.40 – change 0.72%
CenterPoint (CNP) down 0.48 at 25.92 – change 1.82%
Entergy (ETR) up 1.65 at 111.79 – change 1.49%