Another fall in crude oil prices was recorded Tuesday–their lowest mark in more than a week—after the International Energy Agency stated the omicron variant of COVID-19 would slow any recovery in crude oil demand. As a result, Oklahoma energy stocks didn’t do well either.
The Paris-based IEA also issued its monthly report and cut its 2022 supply forecast from non-OPEC producers by 100,000 barrels a day. It also reduced its demand forecast by the same amount.
The news resulted in a 56 cent or 0.79% fall of West Texas Intermediate crude for January delivery to $70.73 a barrel on the New York Mercantile Exchange.
Global benchmark Brent crude took a 69-cent tumble to $73.70 a barrel on ICE Futures Europe.
Natural gas for January delivery took a slide as well, dipping 4 cents or more than 1% to $3.75 per 1,000 cubic feet.
Oklahoma energy stocks encountered some stormy weather and suffered as a result. PHX Minerals experienced a 10% loss while Laredo Petroleum dropped 7% and Cypress Environmental fell 6%.
Apache (APA) down 0.33 at 24.95 – change 1.31%
Cheniere (LNG) down 0.27 at 102.08 – change 0.27%
Chevron (CVX) up 0.34 at 116.22 – change 0.39%
ConocoPhillips (COP) down 0.34 at 70.68 – change 0.48%
Diamondback Energy (FANG) down 2.54 at 104.07 – change 2.39%
Energy Transfer LP (ET) up 0.02 at 8.25 – change 0.24%
Enterprise Products Partners (EPD) down 0.31 at 20.79 – change 1.47%
EOG Resources (EOG) down 0.73 at 85.30 – change 0.85%
ExxonMobil (XOM) down 0.09 at 61.54 – change 0.15%
Kinder Morgan (KMI) down 0.11 at 15.82 – change 0.70%
Marathon Oil Corp. (MRO) down 0.21 at 15.18 – change 1.37%
National Oilwell Varco (NOV) up 0.30 at 13.37 – change 2.29%
Occidental Petroleum (OXY) down 0.40 at 28.74 – change 1.68%
Phillips 66 (PSX) up 1.09 at 70.73 – change 1.56%
Pioneer Natural Resources (PXD) down 1.36 at 177.52 – change 1.77%
Valero (VLO) down 0.03 at 68.19 – change 0.05%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) up 0.15 at 85.13 – change 0.17%
CenterPoint (CNP) down 0.18 at 27.82 – change 0.65%
Entergy (ETR) down 0.59 at 107.29 – change 0.55%