Crude oil prices took slight dips in trading in Tuesday after Brent oil topped $80 per barrel for the first time in nearly three years. Oklahoma energy stocks had a weak day as well.
Considered a global benchmark, Brent crude slipped 44 cents or 0.6% to $79.09 a barrel after climbing to as high as $80.75 earlier in the day, the highest mark since October 2018.
The market’s five-day rally on oil prices finally ran out of steam as investors locked in profits.
West Texas Intermediate crude dropped 16 cents or 0.2% and settled at $75.29 a barrel. WTI had earlier reached a session high of $76.67, the highest price since July.
Investors could remain anxious as fuel demand grows and they expect major oil-producing countries to decide whether to keep supplies restricted when the Organization of the Petroleum Exporting Countries meets next week.
Oklahoma energy stocks couldn’t maintain their gains and all but three firms saw losses for the day. Only Devon Energy, PHX Minerals and Williams Cos. recorded slight gains. LSB Industries had the highest loss at more than 5%.
The Texas Energy Report indicated other energy stocks were mixed for the day—some had gains while others recorded losses.
Apache (APA) down 1.57 at 21.69 – change 6.75%
Cabot Oil & Gas (COG) down 0.24 at 21.82 – change 1.09%
Cheniere (LNG) up 0.92 at 96.93 – change 0.95%
Chevron (CVX) up 0.39 at 103.36 – change 0.37%
ConocoPhillips (COP) up 1.09 at 67.80 – change 1.63%
Diamondback Energy (FANG) down 0.50 at 94.98 – change 0.53%
Energy Transfer LP (ET) down 0.12 at 9.51 – change 1.25%
Enterprise Products Partners (EPD) down 0.04 at 21.78 – change 0.19%
EOG Resources (EOG) down 0.08 at 81.73 – change 0.10%
ExxonMobil (XOM) up 0.62 at 59.92 – change 1.04%
Kinder Morgan (KMI) down 0.09 at 16.89 – change 0.54%
Marathon Oil Corp. (MRO) up 0.10 at 13.76 – change 0.73%
National Oilwell Varco (NOV) down 0.01 at 13.44 – change 0.08%
Occidental Petroleum (OXY) down 0.29 at 29.90 – change 0.97%
Phillips 66 (PSX) down 0.22 at 70.91 – change 0.31%
Pioneer Natural Resources (PXD) up 1.52 at 169.54 – change 0.90%
Valero (VLO) up 0.39 at 71.17 – change 0.55%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) down 0.08 at 81.28 – change 0.10%
CenterPoint (CNP) down 0.47 at 24.95 – change 1.85%
Entergy (ETR) down 0.76 at 99.26 – change 0.76%