Crude oil prices took a 4% drop on Monday and fell below $100 a barrel in U.S. trading, all because of growing worries about the global energy demand outlook because of growing COVID-19 lockdowns in Shanghai, not to mention potential increases in U.S. interest rates.
West Texas Intermediate crude for June delivery fell $3.53 to close at $98.54 a barrel in trading on the New York Mercantile Exchange.
Global benchmark Brent crude for June delivery dropped $4.33 to $102.32 a barrel on ICE Futures Europe.
Natural gas for May delivery went up 14 cents to $6.67 per 1,000 cubic feet.
Oklahoma energy stocks recorded losses for the day including a 33% drop for Cypress Environmental Partners and a 7% slide for NGL Energy.
Other energy stocks had a bad day in Monday’s trading according to the Texas Energy Report.
Apache (APA) down 1.63 at 39.08 – change 4.01%
Cheniere (LNG) down 4.57 at 131.13 – change 3.37%
Chevron (CVX) down 3.46 at 157.49 – change 2.15%
ConocoPhillips (COP) down 4.35 at 91.66 – change 4.54%
Diamondback Energy (FANG) down 4.28 at 125.82 – change 3.29%
Energy Transfer LP (ET) down 0.17 at 11.11 – change 1.51%
Enterprise Products Partners (EPD) down 0.77 at 25.90 – change 2.89%
EOG Resources (EOG) down 4.35 at 111.77 – change 3.75%
ExxonMobil (XOM) down 2.87 at 82.26 – change 3.38%
Kinder Morgan (KMI) down 0.54 at 18.61 – change 2.82%
Marathon Oil Corp. (MRO) down 0.86 at 24.14 – change 3.44%
National Oilwell Varco (NOV) down 0.64 at 18.38 – change 3.37%
Occidental Petroleum (OXY) down 1.70 at 54.92 – change 3.01%
Phillips 66 (PSX) down 2.60 at 81.02 – change 3.11%
Pioneer Natural Resources (PXD) down 5.10 at 231.14 – change 2.16%
Tellurian Inc. (TELL) up 0.19 at 5.08 – change 3.88%
Valero (VLO) down 2.17 at 100.88 – change 2.11%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) up 0.25 at 100.50 – change 0.24%
CenterPoint (CNP) down 0.08 at 31.75 – change 0.26%
Entergy (ETR) down 1.11 at 122.24 – change 0.90%