The prospects that the U.S. might reach a deal to lift sanctions on Venezuelan oil and make purchases there instead of Russia resulted Monday in a more than 5% drop in crude oil prices in the U.S.
It’s definitely a deal that is not favored by Oklahoma’s congressional delegation as they are critical of dealing with Venezuelan leader Madura who was indicted by the US on drug trafficking charges and had a $15 million price put on his head.
Further, the existence of Russia oil rigs in Venezuela complicates any possible deal the U.S. might be able to broker.
West Texas Intermediate crude for April delivery fell $6.32 to $103.01 a barrel on the New York Mercantile Exchange.
Brent crude for May deliver, the global benchmark, dropped $5.77 and settled at $106.90 a barrel on ICE Futures Europe.
Both prices were the lowest in two weeks of trading as the war slugs on in Ukraine where Russian soldiers are entering the second week of their invasion.
April natural gas fell 6 cents $4.66 per 1,000 cubic feet.
Oklahoma energy stocks didn’t have a good Monday as several reported significant losses for the day. Mammoth Energy dropped nearly 13%, Devon Energy 10% and Laredo Petroleum 7%.
Apache (APA) down 1.47 at 37.58 – change 3.76%
Cheniere (LNG) down 0.97 at 128.49 – change 0.75%
Chevron (CVX) down 4.14 at 166.72 – change 2.42%
ConocoPhillips (COP) down 1.83 at 96.55 – change 1.86%
Diamondback Energy (FANG) down 3.48 at 126.19 – change 2.68%
Energy Transfer LP (ET) down 0.28 at 9.82 – change 2.77%
Enterprise Products Partners (EPD) down 0.64 at 24.58 – change 2.54%
EOG Resources (EOG) up 0.16 at 115.84 – change 0.14%
ExxonMobil (XOM) down 3.04 at 81.88 – change 3.58%
Kinder Morgan (KMI) down 0.57 at 17.54 – change 3.15%
Marathon Oil Corp. (MRO) down 0.98 at 22.18 – change 4.23%
National Oilwell Varco (NOV) down 1.36 at 19.79 – change 6.43%
Occidental Petroleum (OXY) down 2.36 at 55.59 – change 4.07%
Phillips 66 (PSX) down 2.50 at 78.27 – change 3.10%
Pioneer Natural Resources (PXD) down 3.15 at 229.34 – change 1.35%
Valero (VLO) down 1.12 at 90.55 – change 1.22%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) down 0.80 at 94.74 – change 0.84%
CenterPoint (CNP) down 0.04 at 28.41 – change 0.14%
Entergy (ETR) up 1.52 at 110.27 – change 1.40%
