As U.S. crude inventories rose in the past week to their highest level since 2016, oil prices on Wednesday fell again and gasoline demand dropped sharply over the coronavirus pandemic. GasBuddy reported several gas stations in Oklahoma City pumped gasoline at 99 cents a gallon.
West Texas intermediate crude fell by 17 cents or 0.8% to end Wednesday’s trading at $20.31. Brent crude dropped 81 cents and ended the day at $20.31 a barrel. Brent had fallen to $21.65 on Monday, its lowest since 2002, when the now-expired May contract was the front month.
Natural gas prices dropped five centers to finish the day at $1.59 per million Btu on the New York Mercantile Exchange.
Phillips 66 took a loss of $4.14 as shares fell to $49.51.
SandRidge Energy finished a dime lower at 80 cents a share while Chesapeake Energy fell two cents to $.148 per share.
Conoco Phillips suffered a loss of $1.18 as shares ended the day at $29.62 while Devon Energy experienced a 12 cent decline at $6.79 a share.
ONEOK dropped $2.61 and finished at $19.20 in Wednesday’s trading while American Electric Power lost $5.41 to finish the day at $74.56.