Oil increases while stockmarket sells off over word of Biden’s latest tax plan

  • April 22, 2021

 

Biden’s latest tax plan, one unveiled Thursday sent shock waves through Wall Street where investors scrambled in a massive selloff of their stock.

While the selloff was underway, crude oil prices managed a slight increase following Wednesday’s losses.

West Texas Intermediate crude for June delivery rose 8 cents to $61.43 a barrel.

Global benchmark Brent crude for June delivery also increased 8 cents to $65.40 on ICE Futures Europe.

May natural gas rose 6 cents to $2.75 per 1,000 cubic feet.

But the selloff was felt all the way to Oklahoma energy stocks where several firms—Chesapeake Energy, Cimarex Energy, Continental Resources, Devon, Helmerich & Payne, Laredo, Magellan, OGE and ONEOK all suffered losses in the day’s trading.

Alliance Resource Partners managed a 1.44% gain on a 9 cent increase to $6.33.

Blueknight Energy Partners LP fell 16 cents for a 0.35% loss to $46.08.
Cimarex Energy dropped 11 cents for a 0.18% loss to $60.77.
Continental Resources lost 1.40% on a 36 cent fall to $25.29.
Cypress Environmental Partners LP was able to make a 7 cent increase to $2.04 for a 3.55% gain.
Devon Energy however fell 17 cents for a 0.80% loss to $21.
Enable Midstream Partners LP finished up 8 cents for a 1.17% gain to $6.91.
Gulfport Energy Corporation finished with a 0.16% gain to $0.050 cents.
Helmerich & Payne lost 1.98% on a 51 cent fall to $25.26.
LSB Industries, Inc. closed at $6.13 with a 9 cent increase and a 1.49% gain.
Laredo Petroleum Inc. lost 3.91% on a $1.35 fall to $33.21.
Magellan Midstream Partners LP fell 56 cents to $45.65 for a 1.21% loss.
Mammoth Energy Services Inc. closed up 4 cents for a 0.95% gain to $4.24.
Matrix Service Co finished with a 9 cent increase to $12.60 for a 0.72% gain.
NGL Energy Partners LP was unchanged at $1.95.
OGE Energy Corp. closed with a drop of 34 cents to $32.94 and a loss of 1.02%.
ONE Gas closed up 32 cents at $81.16 for a 0.40% gain.
ONEOK Inc. fell $1.12 for a 2.15% loss to $51.04.
Ovintiv Inc. dropped 16 cents to $21.96 for a loss of 0.72%.
PHX Minerals Inc lost 2.83% on a 6 cent drop to $2.23.
SandRidge Energy Inc. finished down 4 cents at $3.69 for a loss of 1.07%.
Unit Corporation was unchanged at $13.
Williams Companies fell 32 cents for a 1.36% loss to $23.24.
Other energy stocks had the same kind of day according to the Texas Energy Report.
Chevron (CVX) down 1.78 at 100.95 – change 1.73%

ConocoPhillips (COP) down 0.58 at 49.46 – change 1.16%

Diamondback Energy (FANG) up 0.02 at 75.28 – change 0.03%

Energy Transfer LP (ET) up 0.08 at 8.06 – change 1.00%

Enterprise Products Partners (EPD) down 0.03 at 23.01 – change 0.13%

EOG Resources (EOG) down 0.61 at 68.35 – change 0.88%

ExxonMobil (XOM) down 0.73 at 55.27 – change 1.30%

Kinder Morgan (KMI) down 0.33 at 16.36 – change 1.98%

Marathon Oil Corp. (MRO) down 0.11 at 10.33 – change 1.05%

National Oilwell Varco (NOV) down 0.02 at 13.05 – change 0.15%

Occidental Petroleum (OXY) down 0.34 at 24.10 – change 1.39%

Phillips 66 (PSX) down 2.07 at 74.95 – change 2.69%

Pioneer Natural Resources (PXD) down 0.82 at 146.28 – change 0.56%

Valero (VLO) down 1.92 at 68.48 – change 2.73%

CLOSING TOP UTILITY STOCKS

American Electric Power (AEP) down 1.40 at 87.95 – change 1.57%

CenterPoint (CNP) down 0.12 at 24.17 – change 0.49%

Entergy (ETR) down 1.08 at 106.60 – change 1.00%

Jerry Bohnen