As President Biden met with Saudi Arabian leaders to discuss his request to increase oil production and lower U.S. gasoline prices on Friday, global prices rose while those back in the states dropped.
Global benchmark Brent crude for September delivery rose $2.06 and closed back up over $100 at $101.16 a barrel on ICE Futures Europe.
In the U.S., West Texas Intermediate crude for August delivery dropped $1.81 to $97.59 a barrel on the New York Mercantile Exchange.
U.S. prices had risen earlier in the day but finished with the loss as analysts contend the concern over an anticipated interest rate hike by the Federal Reserve in two week lessened. There remains worry the world economy is heading into a recession as steep interest rates are not only expected in the U.S. but in Canada, New Zealand, Chile, South Korea and the Philippines.
August natural gas rose 42 cents to $7.02 per 1,000 cubic feet.
Gains were the order of the day for Oklahoma energy stocks including Chesapeake Energy with a more than 5% increase for the day, LSB Industries at 6% and SandRidge Energy at nearly 4%.
Other energy stocks were up too, including Valero with a nearly 4% gain according to the Texas Energy Report.
Apache (APA) up 0.41 at 31.99 – change 1.29%
Cheniere (LNG) up 0.28 at 124.17 – change 0.23%
Chevron (CVX) up 1.71 at 137.65 – change 1.25%
ConocoPhillips (COP) up 1.28 at 82.89 – change 1.56%
Diamondback Energy (FANG) up 2.43 at 109.14 – change 2.27%
Energy Transfer LP (ET) up 0.16 at 9.82 – change 1.65%
Enterprise Products Partners (EPD) up 0.05 at 24.52 – change 0.20%
EOG Resources (EOG) up 2.16 at 97.28 – change 2.27%
ExxonMobil (XOM) up 1.40 at 84.54 – change 1.68%
Kinder Morgan (KMI) up 0.18 at 16.76 – change 1.08%
Marathon Oil Corp. (MRO) up 0.44 at 20.85 – change 2.18%
National Oilwell Varco (NOV) up 0.10 at 14.20 – change 0.70%
Occidental Petroleum (OXY) up 1.48 at 58.71 – change 2.58%
Phillips 66 (PSX) up 3.09 at 81.64 – change 3.93%
Pioneer Natural Resources (PXD) up 3.01 at 208.45 – change 1.46%
Tellurian Inc. (TELL) up 0.05 at 3.12 – change 1.62%
Valero (VLO) up 3.81 at 104.59 – change 3.78%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) up 0.95 at 95.22 – change 1.00%
CenterPoint (CNP) up 0.49 at 29.61 – change 1.68%
Entergy (ETR) up 0.37 at 110.12 – change 0.33%