For a second consecutive day, crude oil prices across the globe took a deep slide, falling more than $2 a barrel in the US even as OPEC and its allies agreed Thursday to stay with plans to raise oil output by 400,000 barrels a day from December.
Oklahoma energy stocks didn’t respond well with most recording losses for the day.
The Biden White House wants more production from the Middle East to lower prices at the pump. OPEC+ sources said the United States has plenty of capacity to raise production itself if it believes the world’s economy needs more energy according to Reuters
West Texas Intermediate crude for December delivery dropped $2.05 to $78.81 a barrel in trading on the New York Mercantile Exchange.
Global benchmark Brent crude for January delivery took a $1.45 slide to $80.54 a barrel on ICE Futures Europe.
While oil dropped, December natural gas rose 5 cents to $5.72 per 1,000 cubic feet.
Most Oklahoma energy stocks recorded losses in Thursday’s trading while Mammoth Energy Services had the biggest—a more than 22% drop. None of the companies that made gains reached even the 1% mark.
Apache (APA) up 1.45 at 29.08 – change 5.24%
Cheniere (LNG) down 0.08 at 105.57 – change 0.07%
Chevron (CVX) up 0.50 at 113.51 – change 0.44%
ConocoPhillips (COP) up 0.56 at 73.31 – change 0.78%
Diamondback Energy (FANG) up 0.95 at 112.76 – change 0.84%
Energy Transfer LP (ET) down 0.30 at 9.23 – change 3.13%
Enterprise Products Partners (EPD) up 0.15 at 22.40 – change 0.67%
EOG Resources (EOG) down 0.05 at 90.90 – change 0.06%
ExxonMobil (XOM) up 0.48 at 64.41 – change 0.75%
Kinder Morgan (KMI) down 0.10 at 16.75 – change 0.60%
Marathon Oil Corp. (MRO) up 0.08 at 16.57 – change 0.48%
National Oilwell Varco (NOV) up 0.15 at 14.71 – change 1.03%
Occidental Petroleum (OXY) down 0.10 at 33.75 – change 0.30%
Phillips 66 (PSX) down 2.06 at 76.88 – change 2.61%
Pioneer Natural Resources (PXD) down 4.01 at 185.82 – change 2.12%
Valero (VLO) up 0.47 at 76.34 – change 0.61%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) down 1.04 at 83.89 – change 1.23%
CenterPoint (CNP) up 0.21 at 26.50 – change 0.79%
Entergy (ETR) down 0.46 at 102.90 – change 0.45%
