Crude oil prices dropped again in Thursday’s trading for a third straight day, tumbling nearly $5 a barrel since the beginning of the week. Why the continuing fall? Analysts say it’s because of the growing concern about inflation and what the government is doing or not doing about it.
West Texas Intermediate crude for June delivery dropped $1.31 to $62.05 a barrel in trading on the New York Mercantile Exchange.
The fall was even greater for global benchmark Brent crude for July delivery as it dove $1.55 to $65.11 a barrel in ICE Futures Europe.
June natural gas fell 3 cents to $2.93 per 1,000 cubic feet.
A few Oklahoma energy stocks made some gains in Thursday’s trading, otherwise most suffered losses for the day. Mammoth Energy Services recorded the largest improvement when its shares rose 12 cents for a 3.30% gain to $3.76.
Alliance Resource Partners, L.P. fell 4 cents to $6.10 for a 0.65% loss.
Blueknight Energy Partners LP rose 5 cents for a 1.36% gain to $3.73.
Chesapeake Energy dropped 51 cents for a 1% loss to $50.49.
Cimarex Energy Co. increased 55 cents for a 0.77% gain to $71.55.
Continental Resources Inc. had a 0.27% gain on an 8 cent rise to $30.04.
Cypress Environmental Partners LP had a 4.95% loss on an eleven cent fall to $2.11.
Devon Energy Corp. slipped 2 cents for a 0.079% loss to $25.26.
Enable Midstream Partners LP also dropped 2 cents for a 0.24% loss to $8.48.
In its second day of trading since emerging from Chapter 11 bankruptcy and reorganization, Gulfport Energy dropped $1.95 for a 2.87% loss to $66.05.
Helmerich & Payne, Inc. closed down 8 cents to $28.72 for a loss of 0.28%.
LSB Industries lost 2.29% on a 14 cent decline to $5.98.
Laredo Petroleum Inc rose 16 cents for a 0.32% gain to $49.69.
Magellan Midstream Partners, LP increased 83 cents to $49.14 and a gain of 1.72%.
Matrix Service Co. lost 2.99% on a 35 cent slide to $11.37.
NGL Energy Partners LP was unchanged at $2.26.
OGE Energy Corp was also unchanged at $33.58.
ONE Gas Inc finished at $73.61 with a 58 cent improvement and a 0.79% gain.
ONEOK Inc. rose 83 cents to finish at $53.69 with a 1.57% gain.
Ovintiv Inc. fell 7 cents for a 0.28% loss to $25.18.
PHX Minerals Inc closed down 3 cents at $2.95 for a 1.01% loss.
SandRidge Energy Inc. lost 1.52% on an 8 cent fall to $5.20.
Unit Corporation was unchanged at $15.
Williams Companies Inc finished with a 31 cent increase to $26.34 and a 1.19% gain.
