So much for $75 a barrel crude oil in the U.S.
Oil prices took a hit after OPEC producers called off a meeting when major players could not come to an agreement whether to increase supply.
After reaching a six-year high, crude oil for August delivery dropped $1.79 or 2.4% in Tuesday’s trading to settle at $73.37 for the day.
Global benchmark Brent crude suffered as well, plunging $2.63 or 3.4% to $74.53 a barrel in ICE Futures Europe. The fall came after it hit a session peak of $77.84, the highest level since October 2018.
August natural gas fell 6 cents to $3.64 per 1,000 cubic feet.
It wasn’t a good day for Oklahoma energy stocks as well. LSB Industries, Inc. suffered a 12.25% loss on a 73-cent fall to $5.23.
Other energy stocks suffered similar losses according to the Texas Energy Report.
Cabot Oil & Gas (COG) down 0.84 at 17.00 – change 4.71%
Chevron (CVX) down 2.08 at 103.99 – change 1.97%
ConocoPhillips (COP) down 2.48 at 60.28 – change 3.94%
Diamondback Energy (FANG) down 6.89 at 91.17 – change 7.08%
Energy Transfer LP (ET) down 0.05 at 10.66 – change 0.47%
Enterprise Products Partners (EPD) down 0.12 at 24.47 – change 0.49%
EOG Resources (EOG) down 2.05 at 83.72 – change 2.40%
ExxonMobil (XOM) down 1.80 at 61.37 – change 2.85%
Kinder Morgan (KMI) down 0.13 at 18.44 – change 0.71%
Marathon Oil Corp. (MRO) down 0.64 at 13.21 – change 4.63%
National Oilwell Varco (NOV) down 0.98 at 14.54 – change 6.32%
Occidental Petroleum (OXY) down 2.07 at 30.51 – change 6.36%
Phillips 66 (PSX) down 3.45 at 84.45 – change 3.93%
Pioneer Natural Resources (PXD) down 5.78 at 160.96 – change 3.47%
Valero (VLO) down 3.37 at 74.70 – change 4.32%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) up 0.04 at 85.24 – change 0.04%
CenterPoint (CNP) down 0.02 at 24.89 – change 0.09%
Entergy (ETR) up 0.50 at 102.31 – change 0.49%