Oil prices slip again over OPEC+ indecision

  • July 7, 2021

What to Do About Falling Oil Prices: Pivot Your Procurement and Supply Chain Strategy | GEP

 

Oil prices took another hit on Wednesday and fell more than $1 a barrel as investors continued being nervous over the breakdown of discussions between major oil producers Saudi Arabia and United Arab Emirates. Oklahoma energy stocks largely followed suit.

The collapse in OPEC+ talks might mean crude supplies could build again at the Cushing hub in Oklahoma rather than decrease during the summer driving season. Investors and producers obviously are not sure what the OPEC+ standoff means for oil production around the world.

U.S. West Texas Intermediate crude for August delivery settled at $72.20 a barrel following a drop of $1.17 or 1.6%. Brent crude fell $1.10 or 1.5% to finish the day at $73.43 on ICE Futures Europe.

A few Oklahoma energy stocks had a good trading day on Wednesday with the best gain of the day recorded by Unit Corporation of Tulsa. Its shares went up 10.54% on an increase of $1.80 to settle at $18.87.

The worst beating of the day was suffered by PHX Minerals Inc. whose shares lost 8.29% on a 31 cent tumble to $3.43.

Alliance Resource Partners, L.P.
7.36 USD+0.39 (5.60%)
Blueknight Energy Partners LP
3.51 USD−0.050 (1.40%)
Chesapeake Energy 
54.26 USD+0.40 (0.74%)
Cimarex Energy Co
70.54 USD−0.24 (0.34%)
Continental Resources, Inc.
36.74 USD−0.60 (1.61%)
Cypress Environmental Partners LP
2.39 USD−0.16 (6.43%)
Devon Energy Corp
27.53 USD−0.31 (1.11%)
Enable Midstream Partners LP
8.96 USD−0.20 (2.18%)
Gulfport Energy Operating Corp
63.86 USD+0.77 (1.22%)
Helmerich & Payne, Inc.
31.12 USD−0.67 (2.11%)
LSB Industries, Inc.
5.26 USD+0.030 (0.57%)
Laredo Petroleum Inc
80.39 USD−4.12 (4.88%)
Magellan Midstream Partners, L.P.
48.24 USD−0.59 (1.21%)
Mammoth Energy Services Inc
4.46 USD−0.12 (2.62%)
Matrix Service Co
10.53 USD+0.020 (0.19%)
NGL Energy Partners LP
2.45 USD−0.14 (5.41%)
OGE Energy Corp.
34.10 USD+0.13 (0.38%)
ONE Gas Inc
74.00 USD+0.31 (0.42%)
ONEOK, Inc.
55.44 USD−1.05 (1.86%)
Ovintiv Inc
29.58 USD−0.61 (2.02%)
SandRidge Energy Inc.
5.68 USD−0.24 (4.05%)
Williams Companies Inc
26.28 USD−0.14 (0.53%)
Texplainer: Do Falling Oil Prices Threaten the Budget? | The Texas Tribune
The Texas Energy Report indicated other energy stocks in the oil and gas industry also had a mostly down day.

Cabot Oil & Gas (COG) up 0.02 at 17.02 – change 0.11%

Chevron (CVX) down 1.06 at 102.93 – change 1.02%

ConocoPhillips (COP) down 1.27 at 59.01 – change 2.11%

Diamondback Energy (FANG) down 3.18 at 87.99 – change 3.49%

Energy Transfer LP (ET) down 0.19 at 10.47 – change 1.79%

Enterprise Products Partners (EPD) down 0.29 at 24.18 – change 1.19%

EOG Resources (EOG) down 2.63 at 81.09 – change 3.15%

ExxonMobil (XOM) down 0.96 at 60.41 – change 1.57%

Kinder Morgan (KMI) down 0.15 at 18.30 – change 0.76%

Marathon Oil Corp. (MRO) down 0.29 at 12.93 – change 2.12%

National Oilwell Varco (NOV) down 0.29 at 14.26 – change 1.93%

Occidental Petroleum (OXY) down 1.03 at 29.48 – change 3.38%

Phillips 66 (PSX) down 1.91 at 82.54 – change 2.27%

Pioneer Natural Resources (PXD) down 3.77 at 157.19 – change 2.35%

Valero (VLO) down 2.39 at 72.31 – change 3.20%

CLOSING TOP UTILITY STOCKS

American Electric Power (AEP) up 0.38 at 85.62 – change 0.44%

CenterPoint (CNP) up 0.12 at 25.01 – change 0.48%

Entergy (ETR) up 0.48 at 102.79 – change 0.46%

Jerry Bohnen