Oil pulls back from 9-month high

  • December 7, 2020

 

The continued high cases of COVID-19 apparently still has investors and traders skeptical of the strength of crude oil as prices fell from the 9-month high they reached last week.

West Texas Intermediate crude for January delivery dropped a dime and settled at $45.66 in trading on the New York Mercantile Exchange.

Overseas, global benchmark Brent crude closed down 46 cents for a nearly 1% slide to $48.79 in trading on ICE Futures Europe.

While oil fell, natural gas had a nearly 2% gain of 4 cents to settle at $2.45 per MMBtu.

Most of the Oklahoma energy companies and those with operations in the state that made some whopping gains on Friday lost them in Monday’s trading.

Remember Laredo Petroleum gained 27% and Continental Resources had an 18% gain?  Didn’t happen for them when traders and investors came out of their weekend slumber.

Here’s how some of them did. Alliance Resource Partners, L.P. was unusual in that it had a 15 cent increase or 3.14% gain to $4.93. Blueknight Energy Partners LP had a so-so Monday as its stocks rose one cent to $1.80.Chesapeake Energy Corporation fell 21 cents for a drop of nearly 9% to $2.18 per share.

Continental Resources, Inc. shares dropped 99 cents for a 5.25% slide to $17.87.  Cypress Environmental Partners LP fell 6 cents or 2.55% to $2.29. Devon Energy Corp settled down 78 cents for a 4.66% drop to $15.95.
 Enable Midstream Partners LP closed down 29 cents or nearly 5% at $5.79. Gulfport Energy Corporation suffered a 9% drop to 9 cents per share. Helmerich & Payne, Inc. had a 17 cent fall to $24.75.
LSB Industries, Inc.’s drop of 14 cents amounted to a nearly 5% tumble to $2.88. Laredo Petroleum Inc, after Monday’s gigantic gain managed only a 75 cent increase or about 5% to $16.55 per share. Magellan Midstream Partners, L.P. stumbled downward with a 49 cent fall or about 1% to $44.22.
Mammoth Energy Services Inc plunged nearly 11% or 25 cents a share and settled Monday at $2.03. Matrix Service Co closed up 8 cents or about 1% and settled at $9.73. NGL Energy Partners LP
finished down 7 cents a share for a 3% loss to $2.51.
OGE Energy Corp. closed up 3 cents at $32.91. ONE Gas Inc
dropped 28 cents to $79.38. ONEOK, Inc. slipped 32 cents for a nearly 1% decline to $40.31.
Ovintiv Inc finished down 63 cents for a 4.16% loss to $14.53.
PHX Minerals Inc dropped a dime per share for a 4.50% loss to $2.12. SandRidge Energy Inc. closed down 15 cents, amounting to a 5.10% slide to $2.79.
WPX Energy Inc finished the day down 47 cents or 5.45% and settled at $8.15. Williams Companies Inc wrapped up Monday’s trading with a nearly 4% loss as shares dropped 89 cents and finished at $21.60.
How did other energy firms do? The Texas Energy Report has an update on some of them.

Chevron (CVX) down 2.52 at 90.76 – change 2.71%

Concho Resources (CXO) down 2.09 at 62.35 – change 3.25%

ConocoPhillips (COP) down 1.45 at 42.85 – change 3.28%

Diamondback Energy (FANG) down 1.58 at 45.64 – change 3.35%

Energy Transfer LP (ET) down 0.23 at 6.70 – change 3.32%

Enterprise Products Partners (EPD) down 0.09 at 20.67 – change 0.44%

EOG Resources (EOG) down 1.43 at 51.57 – change 2.70%

ExxonMobil (XOM) down 0.78 at 40.90 – change 1.88%

Kinder Morgan (KMI) down 0.13 at 14.80 – change 0.88%

Marathon Oil Corp. (MRO) down 0.16 at 6.69 – change 2.34%

National Oilwell Varco (NOV) down 0.53 at 14.02 – change 3.65%

Occidental Petroleum (OXY) down 0.40 at 18.19 – change 2.16%

Parsley Energy (PE) down 0.52 at 13.70 – change 3.66%

Phillips 66 (PSX) down 2.27 at 67.05 – change 3.28%

Pioneer Natural Resources (PXD) down 3.78 at 110.28 – change 3.32%

Valero (VLO) down 1.81 at 59.46 – change 2.96%

CLOSING TOP UTILITY STOCKS

American Electric Power (AEP) up 0.45 at 83.84 – change 0.53%

CenterPoint (CNP) up 0.28 at 23.14 – change 1.22%

Entergy (ETR) down 0.12 at 106.61 – change 0.12%

Jerry Bohnen