Crude oil prices drop to lowest levels in 3 weeks

  • May 19, 2021

 

Crude oil prices suffered a second straight day as both US and prices overseas lost more than $2 a barrel and tumbled to their lowest levels in three weeks.

West Texas Intermediate crude for June delivery dropped $2.13 to $63.36 a barrel in trading on the New York Mercantile Exchange.

Global benchmark Brent crude fell $2.05 to $66.66 a barrel in ICE Futures Europe. Analysts blamed the price drop on worries about the surging COVID-19 cases in Asia and how they might hurt the demand for crude oil. Some experts also credited the price plunge that U.S. inflation worries might prompt the Federal Reserve to slow economic growth with a hike in interest rates.

June natural fell 5 cents to $2.96 per 1,000 cubic feet.

Oklahoma energy stocks had a mixed day with some gaining more than 5% and some losing more than 5%.

A day after Gulfport Energy emerged from Chapter 11 bankruptcy with new leadership and more than $1 billion reduced debt, the company opened trading at $68.82 a share, which amounted to a gain of 49,022.06% over what it had traded. Prior to emerging from bankruptcy, Gulfport had traded in the 4 to 8 cent range.

Alliance Resource Partners, LP dropped 3 cents for a 0.49% loss to $6.14.

Blueknight Energy Partners LP settled up one cent for a 0.27% gain to $3.68.

Chesapeake Energy dropped 30 cents for a 0.58% loss to $51.
Cimarex Energy Co. fell $1.51 for a 2.08% loss to $71.
Continental Resources, Inc. closed down 96 cents for a 3.10% loss to $29.96.
Cypress Environmental Partners LP lost 1.33% on a 3 cent fall to $2.22.
Devon Energy Corp lost 3.66% as shares dropped 96 cents to $25.28.
Enable Midstream Partners LP closed down 21 cents for a 2.41% loss to $8.50.
Helmerich & Payne went down 97cents to $28.80 for a 3.26% loss.
LSB Industries, Inc. lost 5.56% on a 36 cent fall to $6.12.
Laredo Petroleum Inc. closed at $49.53 with a 36 cent fall and a 0.72% loss.
Magellan Midstream Partners LP finished at $48.31 with a 1.93 loss on a 95 cent fall.
Mammoth Energy Services Inc finished up 18 cents for a 5.20% gain to $3.64.
Matrix Service Co. dropped 33 cents to $11.72 for a 2.74% loss.
NGL Energy Partners LP recorded a 1.12% gain on a 2 cent increase to $2.26.
OGE Energy Corp rose 5 cents to $33.58 for a gain of 0.15%.
ONE Gas Inc closed at $73.03 with a 1.05% loss as shares fell 78 cents.
ONEOK Inc. lost 2.07% on a $1.12 fall to $52.86.
Ovintiv Inc. lost 2.73% as shares closed down 71 cents at $25.25.
PHX Minerals Inc. finished up two cents at $2.98 for a gain of 0.68%.
SandRidge Energy Inc. lost 0.94% on a 5 cent fall to $5.28.
Unit Corporation rose 25 cents for a 1.69% gain to $15.
Williams Companies Inc. saw a 30 cent fall to $26.03 and a 1.14% loss.
The Texas Energy Report shows us how other energy stocks performed on Wednesday.

Chevron (CVX) down 2.98 at 103.20 – change 2.81%

ConocoPhillips (COP) down 1.71 at 55.58 – change 2.99%

Diamondback Energy (FANG) down 2.08 at 77.92 – change 2.60%

Energy Transfer LP (ET) down 0.32 at 10.05 – change 3.09%

Enterprise Products Partners (EPD) down 0.29 at 23.63 – change 1.18%

EOG Resources (EOG) down 2.44 at 80.54 – change 2.93%

ExxonMobil (XOM) down 1.45 at 58.98 – change 2.40%

Kinder Morgan (KMI) down 0.24 at 18.47 – change 1.29%

Marathon Oil Corp. (MRO) down 0.32 at 11.61 – change 2.69%

National Oilwell Varco (NOV) down 0.93 at 16.50 – change 5.34%

Occidental Petroleum (OXY) down 0.80 at 25.07 – change 3.10%

Phillips 66 (PSX) down 1.03 at 85.73 – change 1.19%

Pioneer Natural Resources (PXD) down 5.28 at 153.09 – change 3.34%

Valero (VLO) down 2.30 at 77.28 – change 2.90%

CLOSING TOP UTILITY STOCKS

American Electric Power (AEP) up 0.17 at 85.92 – change 0.19%

CenterPoint (CNP) down 0.06 at 24.48 – change 0.25%

Entergy (ETR) down 0.52 at 105.01 – change 0.50%

Jerry Bohnen