Sparked by a rumor that OPEC+ might cut production, crude oil prices retreated from the lowest levels in about a year on Monday and rose nearly a dollar a barrel in the U.S. Oklahoma energy stocks performed poorly with 4 and 5% losses.
Strict COVID-19 curbs in China, a country beset by massive protests demanding the removal of the country’s leader, also played a role in the Monday trading prices.
West Texas Intermediate crude for January delivery rose 96 cents or 1.3% and settled at $77.24 on the New York Mercantile Exchange. The U.S. benchmark had earlier touched at its lowest mark since December 2021 at $73.60.
Global benchmark Brent crude finished down 44 cents or 0.5% and settled at $83.19 a barrel on ICE Futures Europe. Earlier in the session, Brent plunged more than 3% to $80.61 a barrel—its lowest level since Jan. 4 of this year.
December natural gas fell 31 cents to $6.71 per 1,000 cubic feet.
As crude oil prices rose, Oklahoma energy stocks suffered losses for the day. Chesapeake Energy dropped nearly 5% while Empire Petroleum, Gulfport Energy, Laredo Petroleum, and Unit Corporation sustained 4% slides for the day.
Other energy stocks also performed with losses on Monday according to the Texas Energy Report.
Apache (APA) down 1.47 at 44.96 – change 3.17%
Cheniere (LNG) down 2.65 at 170.43 – change 1.54%
Chevron (CVX) down 5.34 at 178.36 – change 2.91%
ConocoPhillips (COP) down 2.97 at 123.84 – change 2.95%
Diamondback Energy (FANG) down 5.59 at 143.72 – change 3.75%
Energy Transfer LP (ET) down 0.21 at 12.15 – change 1.70%
Enterprise Products Partners (EPD) down 0.30 at 24.45 – change 1.22%
EOG Resources (EOG) down 5.99 at 136.65 – change 4.20%
ExxonMobil (XOM) down 3.40 at 109.81 – change 3.01%
Kinder Morgan (KMI) down 0.17 at 18.46 – change 0.92%
Marathon Oil Corp. (MRO) down 0.57 at 29.81 – change 1.88%
National Oilwell Varco (NOV) down 0.44 at 21.78 – change 1.99%
Occidental Petroleum (OXY) down 2.05 at 68.23 – change 2.92%
Phillips 66 (PSX) down 2.96 at 107.82 – change 2.68%
Pioneer Natural Resources (PXD) down 8.93 at 245.21 – change 3.52%
Tellurian Inc. (TELL) down 0.10 at 2.52 – change 3.82%
Valero (VLO) down 3.56 at 134.84 – change 2.58%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) down 0.25 at 95.22 – change 0.27%
CenterPoint (CNP) down 0.18 at 30.84 – change 0.58%
Entergy (ETR) down 0.50 at 113.25 – change 0.44%