Oil prices drop again–OK energy stocks hit hard

 

What to Do About Falling Oil Prices: Pivot Your Procurement and Supply Chain Strategy | GEP

 

An early rally failed Wednesday as crude oil prices sunk again, largely on growing worries about the Omicron variant and how it could cut demand as global supply grows. As a result, Oklahoma energy stocks took a pounding.

The decline occurred after U.S. government officials confirmed the variant had been discovered in California where a traveler recently returned from South Africa.

West Texas Intermediate crude fell 61 cents or nearly 1% to $65.57 a barrel in trading on the New York Mercantile Exchange.

Earlier in the day, WTI prices had been up nearly 4%.

Global benchmark Brent Crude fell 36 cents or half a percentage point to settle at $68.87 a barrel on ICE Futures Europe.

Oklahoma energy stocks suffered on Wednesday with an 8% loss recorded by Gulfport Energy, 7% losses by Laredo Petroleum, NGL Energy and PHX Minerals and 5% losses by a handful of others.

 

Alliance Resource Partners, L.P.
NASDAQ: ARLP
Follow
9.92 USD −0.31 (3.03%)
Blueknight Energy Partners LP Common Stock
NASDAQ: BKEP
Follow
3.28 USD 0.00 (0.00%)
Chesapeake Energy Ord Shs
NASDAQ: CHK
Follow
57.00 USD −2.54 (4.27%)
Continental Resources, Inc.
NYSE: CLR
Following
42.68 USD −1.66 (3.74%)
Coterra Energy Inc
NYSE: CTRA
Follow
19.74 USD −0.34 (1.69%)
Cypress Environmental Partners LP
NYSE: CELP
Follow
1.28 USD −0.030 (2.29%)
Devon Energy Corp
NYSE: DVN
Follow
40.84 USD −1.16 (2.76%)
Enable Midstream Partners LP
NYSE: ENBL
Follow
6.95 USD −0.19 (2.66%)
Gulfport Energy Corp
NYSE: GPOR
Follow
67.12 USD −5.87 (8.04%)
Helmerich & Payne, Inc.
NYSE: HP
Following
21.28 USD −1.19 (5.30%)
LSB Industries, Inc.
NYSE: LXU
Follow
9.00 USD −0.010 (0.11%)
Laredo Petroleum Inc
NYSE: LPI
Follow
54.30 USD −4.60 (7.81%)
Magellan Midstream Partners, L.P.
NYSE: MMP
Follow
45.74 USD −0.64 (1.38%)
Mammoth Energy Services Inc
NASDAQ: TUSK
Follow
1.99 USD +0.060 (3.11%)
Matrix Service Co
NASDAQ: MTRX
Follow
8.26 USD −0.43 (4.95%)
NGL Energy Partners LP
NYSE: NGL
Follow
1.90 USD −0.14 (6.86%)
OGE Energy Corp.
NYSE: OGE
Follow
34.52 USD +0.19 (0.55%)
ONE Gas Inc
NYSE: OGS
Follow
64.50 USD −0.33 (0.51%)
ONEOK, Inc.
NYSE: OKE
Follow
58.65 USD −1.18 (1.97%)
Ovintiv Inc
NYSE: OVV
Follow
32.72 USD −2.02 (5.83%)
PHX Minerals Inc
NYSE: PHX
Follow
2.31 USD −0.17 (6.85%)
SandRidge Energy Inc.
NYSE: SD
Follow
10.03 USD −0.60 (5.64%)
Units Ord Shs
OTCMKTS: UNTC
Follow
34.70 USD −0.15 (0.43%)
Williams Companies Inc
NYSE: WMB
Follow
26.64 USD −0.16 (0.60%)
Falling Oil Prices May Not Pressure Iran, Russia