Crude oil suffers minor slip in prices while EU is undecided on total Russian oil embargo

  • March 22, 2022

A Russian state flag flies on the top of a diesel plant in the Irkutsk Oil Company-owned Yarakta Oil Field in Irkutsk Region

 

Crude oil prices slipped in Tuesday’s trading on news that European Union nations might not be unanimous in a Russian oil embargo over Russia’s invasion of Ukraine.

It’s an issue to be discussed Thursday when President Biden will join them for EU, NATO and G7 summits. The EU has already committed to reducing its Russian natural gas use by 66% this year but the talks will focus more on dumping Russia as its biggest supplier of oil.

The Union’s top diplomat said earlier this week the bloc was ready to create more sanctions on Russia but a decision was not reached at Monday’s meeting of the EU foreign ministers whether to target energy specifically.

Benchmark U.S. crude oil, West Texas Intermediate for April delivery was down 36 cents to settle at $111.76 a barrel in trading on the New York Mercantile Exchange.

Global benchmark Brent crude for May delivery slipped 14 cents to close at $115.48 a barrel on ICE Futures Europe.

April natural gas rose 29 cents $5.19 per 1,000 cubic feet.

The day proved to be a mix for Oklahoma energy stocks with half suffering losses and the other half seeing only moderate gains for the day. Those that made gains recorded improvements of 2% or less.

 

Alliance Resource Partners, L.P.
14.75 USD−0.21 (1.40%)
Blueknight Energy Partners LP Common Stock
3.36 USD−0.025 (0.74%)
Chesapeake Energy Ord Shs
80.51 USD−0.55 (0.68%)
Continental Resources, Inc.
61.91 USD−1.24 (1.96%)
Coterra Energy Inc
25.58 USD+0.30 (1.19%)
Cypress Environmental Partners LP
1.76 USD+0.0100 (0.57%)
Devon Energy Corp
60.63 USD−0.80 (1.30%)
Gulfport Energy Corp
79.27 USD+1.37 (1.76%)
Helmerich & Payne, Inc.
40.84 USD−0.74 (1.78%)
LSB Industries, Inc.
23.19 USD−0.25 (1.07%)
Laredo Petroleum Inc
72.35 USD−2.36 (3.16%)
Magellan Midstream Partners, L.P.
48.63 USD+0.35 (0.72%)
Mammoth Energy Services Inc
1.94 USD−0.0100 (0.51%)
Matrix Service Co
8.73 USD+0.0100 (0.11%)
NGL Energy Partners LP
2.33 USD+0.030 (1.30%)
OGE Energy Corp.
38.88 USD−0.040 (0.10%)
ONE Gas Inc
83.56 USD−0.89 (1.05%)
ONEOK, Inc.
68.30 USD−0.22 (0.32%)
Ovintiv Inc
50.42 USD−0.32 (0.63%)
PHX Minerals Inc
2.78 USD+0.050 (1.83%)
SandRidge Energy Inc.
15.05 USD+0.050 (0.33%)
Units Ord Shs
61.00 USD+0.020 (0.033%)
Williams Companies Inc
32.12 USD−0.38 (1.17%)
Ukraine war: Oil slides and markets rally as Russia sanction supply fears ease | Business News | Sky News
 Moderate losses and gains were recorded by other energy stocks according to the Texas Energy Report.

Apache (APA) down 0.36 at 40.52 – change 0.89%

Cheniere (LNG) down 1.51 at 134.29 – change 1.12%

Chevron (CVX) down 0.56 at 164.09 – change 0.34%

ConocoPhillips (COP) down 0.99 at 101.77 – change 0.97%

Diamondback Energy (FANG) down 2.53 at 137.35 – change 1.81%

Energy Transfer LP (ET) up 0.30 at 10.19 – change 3.03%

Enterprise Products Partners (EPD) down 0.01 at 24.55 – change 0.05%

EOG Resources (EOG) down 1.63 at 120.83 – change 1.34%

ExxonMobil (XOM) down 0.36 at 81.84 – change 0.44%

Kinder Morgan (KMI) down 0.15 at 17.93 – change 0.78%

Marathon Oil Corp. (MRO) down 0.39 at 24.66 – change 1.56%

National Oilwell Varco (NOV) down 0.24 at 19.53 – change 1.22%

Occidental Petroleum (OXY) down 1.32 at 59.64 – change 2.17%

Phillips 66 (PSX) down 0.84 at 79.79 – change 1.05%

Pioneer Natural Resources (PXD) up 0.14 at 251.32 – change 0.05%

Valero (VLO) down 0.67 at 93.59 – change 0.72%

CLOSING TOP UTILITY STOCKS

American Electric Power (AEP) up 0.56 at 95.25 – change 0.59%

CenterPoint (CNP) unchanged at 29.47 – change 0.00%

Entergy (ETR) down 1.10 at 109.68 – change 0.99%

Jerry Bohnen