A day after crude oil prices managed a robust increase, they plunged by nearly $6 a barrel in Tuesday’s trading on growing worries that central banks will hike rates to fight increasing inflation.
Plus, there is the concern over unrest in Iraq. It all took effect on Oklahoma energy stocks as they fell from 6% to more than 13%.
West Texas Intermediate crude for October delivery fell $5.37 to $91.64 a barrel, the steepest decline in nearly a month on the New York Mercantile Exchange.
Global benchmark Brent crude for October delivery dropped $5.78 to finish the day at $99.31 a barrel on ICE Futures Europe.
October natural gas fell 30 cents or more than 3% to $9.04 per 1,000 cubic feet.
The impact was not lost on Oklahoma energy stocks as more than one recorded a 6% loss for the day. Mammoth Energy Services had the biggest drop at more than 13% for the day.
Apache (APA) down 2.04 at 39.32 – change 4.94%
Cheniere (LNG) down 3.94 at 161.34 – change 2.39%
Chevron (CVX) down 4.01 at 160.62 – change 2.44%
ConocoPhillips (COP) down 2.92 at 110.50 – change 2.58%
Diamondback Energy (FANG) down 5.19 at 134.07 – change 3.73%
Energy Transfer LP (ET) down 0.49 at 11.81 – change 3.99%
Enterprise Products Partners (EPD) down 0.76 at 26.15 – change 2.83%
EOG Resources (EOG) down 4.71 at 121.86 – change 3.73%
ExxonMobil (XOM) down 3.81 at 96.31 – change 3.81%
Kinder Morgan (KMI) down 0.46 at 18.48 – change 2.43%
Marathon Oil Corp. (MRO) down 1.21 at 25.58 – change 4.52%
National Oilwell Varco (NOV) down 0.84 at 17.98 – change 4.47%
Occidental Petroleum (OXY) down 3.25 at 72.01 – change 4.32%
Phillips 66 (PSX) down 3.05 at 90.15 – change 3.28%
Pioneer Natural Resources (PXD) down 7.79 at 254.71 – change 2.97%
Tellurian Inc. (TELL) down 0.09 at 3.76 – change 2.34%
Valero (VLO) down 5.39 at 118.03 – change 4.37%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) down 1.59 at 101.34 – change 1.55%
CenterPoint (CNP) down 0.44 at 31.65 – change 1.38%
Entergy (ETR) down 2.58 at 116.85 – change 2.17%