Crude oil lingers under $70 a barrel

Why oil prices have been tanking?

 

Oil prices closed under $70 a barrel in Friday’s trading as both Brent and West Texas Intermediate crude declined for the week for a sixth straight week.

WTI ended 24 cents lower or 0.4% at $66.26 a barrel in trading on the New York Mercantile Exchange.

Global benchmark Brent crude managed a 21 cent or 0.3% increase and finished the day at $69.88 a barrel on ICE Futures Europe.

Crude prices had made big gains earlier in the day on increased concerns about rising COVID-19 cases and the new variant that might bring about decreased demand for global oil.

It was a day of losses for many Oklahoma energy stocks with the biggest recorded by Cypress Environmental. The company suffered a 9% drop in prices on Friday. Losses of 4% were recorded by NGL Energy Partners and Ovintiv Inc.

 

Alliance Resource Partners, L.P.
NASDAQ: ARLP
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10.01 USD −0.25 (2.44%)
Blueknight Energy Partners LP Common Stock
NASDAQ: BKEP
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3.31 USD 0.00 (0.00%)
Chesapeake Energy Ord Shs
NASDAQ: CHK
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60.33 USD −0.55 (0.90%)
Continental Resources, Inc.
NYSE: CLR
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43.01 USD −0.87 (1.98%)
Coterra Energy Inc
NYSE: CTRA
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20.22 USD −0.010 (0.049%)
Cypress Environmental Partners LP
NYSE: CELP
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1.12 USD −0.11 (8.94%)
Devon Energy Corp
NYSE: DVN
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41.77 USD +0.18 (0.43%)
Gulfport Energy Corp
NYSE: GPOR
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66.01 USD −0.50 (0.75%)
Helmerich & Payne, Inc.
NYSE: HP
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21.53 USD −0.17 (0.78%)
LSB Industries, Inc.
NYSE: LXU
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8.99 USD −0.29 (3.12%)
Laredo Petroleum Inc
NYSE: LPI
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55.42 USD −1.55 (2.72%)
Magellan Midstream Partners, L.P.
NYSE: MMP
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45.52 USD −0.79 (1.71%)
Mammoth Energy Services Inc
NASDAQ: TUSK
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2.00 USD −0.050 (2.44%)
Matrix Service Co
NASDAQ: MTRX
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8.31 USD −0.27 (3.15%)
NGL Energy Partners LP
NYSE: NGL
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2.00 USD −0.080 (3.85%)
OGE Energy Corp.
NYSE: OGE
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35.94 USD +0.75 (2.13%)
ONE Gas Inc
NYSE: OGS
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66.59 USD +0.35 (0.53%)
ONEOK, Inc.
NYSE: OKE
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60.01 USD −0.68 (1.12%)
Ovintiv Inc
NYSE: OVV
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32.68 USD −1.24 (3.66%)
PHX Minerals Inc
NYSE: PHX
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2.31 USD −0.060 (2.53%)
SandRidge Energy Inc.
NYSE: SD
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9.80 USD −0.32 (3.16%)
Units Ord Shs
OTCMKTS: UNTC
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33.90 USD −0.100 (0.29%)
Williams Companies Inc
NYSE: WMB
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27.11 USD −0.14 (0.51%)
U.S. Oil Prices Retreat After Briefly Hitting Six-Year High on OPEC Standoff - WSJ
Here’s how other energy stocks performed according to the Texas Energy Report.

Apache (APA) down 0.60 at 25.58 – change 2.30%

Cheniere (LNG) down 1.51 at 103.51 – change 1.44%

Chevron (CVX) down 0.73 at 114.41 – change 0.64%

ConocoPhillips (COP) down 0.15 at 71.11 – change 0.22%

Diamondback Energy (FANG) down 0.43 at 106.00 – change 0.41%

Energy Transfer LP (ET) down 0.09 at 8.23 – change 1.09%

Enterprise Products Partners (EPD) down 0.10 at 21.21 – change 0.47%

EOG Resources (EOG) down 0.57 at 85.99 – change 0.66%

ExxonMobil (XOM) down 0.39 at 60.89 – change 0.64%

Kinder Morgan (KMI) down 0.15 at 15.59 – change 0.90%

Marathon Oil Corp. (MRO) down 0.29 at 15.29 – change 1.87%

National Oilwell Varco (NOV) down 0.33 at 11.86 – change 2.71%

Occidental Petroleum (OXY) down 0.49 at 29.16 – change 1.66%

Phillips 66 (PSX) down 1.38 at 70.00 – change 1.94%

Pioneer Natural Resources (PXD) down 0.12 at 176.89 – change 0.07%

Valero (VLO) down 1.46 at 69.70 – change 2.06%

CLOSING TOP UTILITY STOCKS

American Electric Power (AEP) up 1.03 at 82.34 – change 1.26%

CenterPoint (CNP) up 0.73 at 26.95 – change 2.78%

Entergy (ETR) up 1.27 at 103.26 – change 1.24%