Oklahoma energy stocks took it on the chin a second straight day in Thursday’s trading as some suffered 10% losses while oil prices dropped by nearly $2 a barrel.
It came after Fed chairman Jerome Powell continued talking about U.S. interest rates and the need to raise them in order to do something about inflation.
West Texas Intermediate crude for August delivery dropped $1.92 to $104.27 a barrel in trading on the New York Mercantile Exchange.
Global benchmark Brent crude for August delivery closed down $1.69 at $110.05 a barrel on ICE Futures Europe.
July natural gas fell 62 cents to $6.24 per 1,000 cubic feet.
The impact was stinging for Oklahoma energy stocks with PHX Minerals dropping more than 10% for the day while others such as Chesapeake Energy, Gulfport Energy, and Mammoth Energy suffered 7 to 8% losses.