Even as the U.S. Energy Information Administration reported U.S. crude oil stockpiles fell for the 8th straight week last week, prices took a significant drop in Wednesday’s trading.
Stockpiles are falling due to renewed strength in the U.S. economy which is driving higher fuel demand but oil prices plunged more than 2% on Wednesday.
U.S. benchmark West Texas Intermediate crude fell $2.12 or 2.82% and finished the day at $73.13 a barrel.
Global benchmark Brent crude dropped $1.73 a barrel for a 2.26% decline to $74.76 in ICE Futures Europe.
Oklahoma energy stocks also took a plunge on Wednesday with Laredo Petroleum Inc recording a 7.32% loss on a $5.40 a share fall to $68.37. Cimarex Energy Co lost 6.20% as shares dropped $4.56 to settle at $69.
Others suffered losses too.
Chevron (CVX) down 1.96 at 101.97 – change 1.89%
ConocoPhillips (COP) down 1.79 at 57.67 – change 3.02%
Diamondback Energy (FANG) down 5.46 at 84.58 – change 6.07%
Energy Transfer LP (ET) down 0.20 at 10.08 – change 1.95%
Enterprise Products Partners (EPD) down 0.12 at 24.18 – change 0.50%
EOG Resources (EOG) down 3.07 at 79.66 – change 3.72%
ExxonMobil (XOM) down 1.35 at 59.53 – change 2.22%
Kinder Morgan (KMI) down 0.35 at 17.93 – change 1.92%
Marathon Oil Corp. (MRO) down 0.60 at 12.52 – change 4.58%
National Oilwell Varco (NOV) down 0.52 at 14.39 – change 3.49%
Phillips 66 (PSX) down 3.11 at 78.54 – change 3.81%
Pioneer Natural Resources (PXD) down 5.33 at 151.56 – change 3.40%
Valero (VLO) down 2.80 at 70.47 – change 1.69%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) up 0.94 at 86.18 – change 1.10%
CenterPoint (CNP) up 0.09 at 24.77 – change 0.36%
Entergy (ETR) up 0.87 at 102.53 – change 0.85%
