Crude oil drops to just above $103 while OK energy stocks slump

 Venezuelan oil production might drop to 1.35 million barrels per day in 2018 or even 1 million | NextBigFuture.com

 

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%.

Alliance Resource Partners, L.P.
14.11 USD−1.44 (9.26%)
Blueknight Energy Partners LP Common Stock
3.32 USD+0.060 (1.84%)
Chesapeake Energy Ord Shs
76.26 USD−4.29 (5.33%)
Continental Resources, Inc.
57.09 USD−1.18 (2.03%)
Coterra Energy Inc
23.13 USD−2.49 (9.72%)
Cypress Environmental Partners LP
1.64 USD+0.040 (2.50%)
Devon Energy Corp
52.69 USD−5.95 (10.15%)
Gulfport Energy Corp
74.02 USD−2.77 (3.61%)
Helmerich & Payne, Inc.
40.85 USD−1.03 (2.46%)
LSB Industries, Inc.
19.25 USD−2.11 (9.88%)
Laredo Petroleum Inc
67.74 USD−5.17 (7.09%)
Magellan Midstream Partners, L.P.
47.35 USD−0.91 (1.89%)
Mammoth Energy Services Inc
2.02 USD−0.29 (12.55%)
Matrix Service Co
8.28 USD−0.24 (2.82%)
OGE Energy Corp.
38.52 USD−0.17 (0.44%)
ONE Gas Inc
85.83 USD−0.32 (0.37%)
ONEOK, Inc.
64.52 USD−1.55 (2.34%)
Ovintiv Inc
43.84 USD−2.06 (4.49%)
PHX Minerals Inc
2.57 USD−0.24 (8.54%)
SandRidge Energy Inc.
15.00 USD−1.17 (7.24%)
Units Ord Shs
60.00 USD0.00 (0.00%)
Williams Companies Inc
31.07 USD−0.83 (2.59%)
Crude oil prices drop and take OK energy stocks with them – Oklahoma Energy Today
 Other energy stocks were down as well according to the Texas Energy Report.
 

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%