Crude prices slip amidst possible deal with Iran but remain at $107 in US

Iran plans to supply 1 million barrels of oil to IRENEX

 

Crude oil futures dropped 2% in Thursday’s trading midst continued heavy fighting between Russian and Ukraine, but prices in the U.S. still remained at nearly $108 a barrel while overseas the global benchmark was at more than $110 a barrel.

The drop was largely due to growing word that the U.S. is closer to a nuclear deal with Iran and it could mean Iranian oil could soon be on the tight global market.

Reports on Thursday indicated Iran was already preparing large shipments of its oil to the global market. Despite the slight drop in prices, crude still reached higher levels in trading earlier in the day.

That’s not to say there isn’t concern over the impact of the war in Ukraine where members of congress, including those from Oklahoma continue calling on the White House to put an end to U.S. purchases of Russian oil.

Russia's invasion of Ukraine in maps — latest updates | Financial Times

Brent crude jumped to $119.84, its highest level since May 2012 while West Texas Intermediate crude trading in the U.S. hit $116.57, its highest level since September 2008.

By the close of trading Thursday, global benchmark Brent crude dropped $2.47 or 2.2% and closed at $110.46 a barrel. West Texas Intermediate crude fell $2.93 or 2.6% and settled at $107.67 a barrel.

The soaring crude prices resulted in a mixed day of trading for Oklahoma energy stocks. Some, like LSB Industries jumped nearly 9% while others made only slight gains. Others recorded losses for the day.

 

 Alliance Resource Partners, L.P.
14.91 USD+0.31 (2.12%)
Blueknight Energy Partners LP Common Stock
3.34 USD−0.045 (1.33%)
Chesapeake Energy Ord Shs
80.28 USD+0.91 (1.15%)
Continental Resources, Inc.
58.10 USD−1.25 (2.11%)
Coterra Energy Inc
25.51 USD−0.16 (0.62%)
Cypress Environmental Partners LP
1.30 USD+0.040 (3.17%)
Devon Energy Corp
58.85 USD+0.20 (0.34%)
Gulfport Energy Corp
72.26 USD−2.30 (3.08%)
Helmerich & Payne, Inc.
38.61 USD+0.58 (1.53%)
LSB Industries, Inc.
19.67 USD+1.59 (8.79%)
Laredo Petroleum Inc
78.28 USD+1.12 (1.45%)
Magellan Midstream Partners, L.P.
49.02 USD−0.0100 (0.020%)
Mammoth Energy Services Inc
1.54 USD+0.060 (4.05%)
Matrix Service Co
7.03 USD+0.050 (0.72%)
NGL Energy Partners LP
2.26 USD−0.020 (0.88%)
OGE Energy Corp.
39.16 USD+0.97 (2.54%)
ONE Gas Inc
85.78 USD+1.64 (1.95%)
ONEOK, Inc.
67.71 USD+0.62 (0.93%)
Ovintiv Inc
46.43 USD−0.97 (2.05%)
PHX Minerals Inc
2.73 USD−0.070 (2.50%)
SandRidge Energy Inc.
14.21 USD+0.31 (2.23%)
Units Ord Shs
55.10 USD+1.36 (2.53%)
Williams Companies Inc
32.80 USD+0.11 (0.35%)
Crude Oil Prices Eye OPEC Meeting After Soaring to 3-Year High | Nasdaq
 Other energy stocks had a weak day in trading according to the Texas Energy Report.

Apache (APA) up 0.41 at 38.28 – change 1.08%

Cheniere (LNG) up 0.15 at 133.61 – change 0.11%

Chevron (CVX) up 2.08 at 156.22 – change 1.34%

ConocoPhillips (COP) down 0.63 at 97.41 – change 0.65%

Diamondback Energy (FANG) down 1.96 at 134.12 – change 1.44%

Energy Transfer LP (ET) down 0.12 at 10.37 – change 1.15%

Enterprise Products Partners (EPD) up 0.07 at 25.04 – change 0.28%

EOG Resources (EOG) down 0.45 at 116.29 – change 0.39%

ExxonMobil (XOM) up 0.51 at 81.04 – change 0.63%

Kinder Morgan (KMI) up 0.25 at 18.39 – change 1.37%

Marathon Oil Corp. (MRO) down 0.11 at 22.89 – change 0.48%

National Oilwell Varco (NOV) up 0.05 at 17.04 – change 0.29%

Occidental Petroleum (OXY) down 0.62 at 47.75 – change 1.29%

Phillips 66 (PSX) down 1.31 at 83.00 – change 1.56%

Pioneer Natural Resources (PXD) down 4.17 at 238.08 – change 1.73%

Valero (VLO) up 0.56 at 84.19 – change 0.68%

CLOSING TOP UTILITY STOCKS

American Electric Power (AEP) up 2.74 at 93.98 – change 3.00%

CenterPoint (CNP) up 0.52 at 28.24 – change 1.87%

Entergy (ETR) up 2.74 at 109.36 – change 2.56%