While West Texas Intermediate crude prices hover in the lower $20 barrel range, observers wonder what will be the next move by Saudi Arabia and Russia.
Both are suffering as well as their anticipated flood of oil on the world market might have backfired. The two countries are reporting the dramatic drop in the value of oil affected their budgets and at least Saudi Arabia has cut the remainder of its 2020 budget.
WTI dropped $3.28 on Friday before closing at $22.63 a barrel. Brent crude was down $1.49, ending the day at $26.98.
Natural gas dropped 5 cents on the New York Mercantile Exchange and closed Friday at $1.60.
The fallout continues to impact Oklahoma energy companies. Chesapeake Energy fell eleven cents in Friday’s trading before closing at 19 cents a share. Continental Resources finished 36-cents lower at $9.46 per share.
Devon Energy dropped 30 cents to finish at $6.08 while Cypress Energy Partners fell nearly 27 cents to end at $3.84 per share.
Enable Midstream was down 48 cents, closing at $2.10 on Friday while Gulfport Energy Corp. plunge 74 cents, ending Friday at 71 cent a share.
Helmerich and Payne was down 25 cents, ending at $13.16. Laredo Petroleum dropped 45 cents to end at 41 cents a share. Magellan Midstream Partners ended at $29.73, a decline or 26 cents. Mammoth Energy Services gained 66 cents before ending at $1.16 a share.
Mid-Con Energy Partners dropped 29 cents before closing at 9 cents a share. OGE Energy fell 22 cents to close at $25.71 while ONEOK slipped 33 cents, closing at $20.67.
SandRidge Energy dropped 25 cents and finished the day at 80 cents. Unit Corporation in Tulsa added 39 cents and closed Friday at 39 cents. WPX Energy closed at $2.82, down 37 cents. Williams Cos. finished the day at $11.53, a drop of 27 cents.