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.
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.
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%