Crude oil prices dropped below $100 on Friday as oil settled lower when the International Energy Agency agreed to join the US in an oil reserves release. It resulted in the biggest weekly drop in two years as both US crude and Brent benchmarks settled down 13%.
West Texas Intermediate crude for May delivery dropped 1% or $1.01 to settle at $99.27 on the New York Mercantile Exchange.
Global benchmark Brent Crude for May delivery fell 32 cents to close at $104.39 a barrel on ICE Futures Europe.
The fall in prices came after the IEA members agreed to join the US in releasing oil reserves but did not reach agreement on volumes or the commitments of each country.
The fall in crude prices resulted in some Oklahoma energy stocks falling as much as nearly 12% for Cypress Environmental Partners while others, such as Laredo Petroleum gained 7%.
Other energy stocks recorded some big gains, including Tellurian with a more than 19% increase according to the Texas Energy Report.
Apache (APA) up 0.89 at 42.22 – change 2.15%
Cheniere (LNG) up 3.44 at 142.09 – change 2.48%
Chevron (CVX) up 1.39 at 164.22 – change 0.85%
ConocoPhillips (COP) up 0.57 at 100.58 – change 0.57%
Diamondback Energy (FANG) up 1.36 at 138.44 – change 0.99%
Energy Transfer LP (ET) up 0.33 at 11.52 – change 2.94%
Enterprise Products Partners (EPD) up 0.05 at 25.86 – change 0.99%
EOG Resources (EOG) up 1.10 at 120.33 – change 0.92%
ExxonMobil (XOM) up 0.55 at 83.12 – change 0.64%
Kinder Morgan (KMI) up 0.31 at 19.22 – change 1.63%
Marathon Oil Corp. (MRO) up 0.64 at 25.75 – change 2.54%
National Oilwell Varco (NOV) up 0.61 at 20.22 – change 3.11%
Occidental Petroleum (OXY) up 1.37 at 58.11 – change 2.41%
Phillips 66 (PSX) down 0.43 at 85.96 – change 0.50%
Pioneer Natural Resources (PXD) up 3.12 at 253.15 – change 1.24%
Tellurian Inc. (TELL) up 1.04 at 6.34 – change 19.62%
Valero (VLO) down 0.27 at 101.27 – change 0.27%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) up 1.74 at 101.51 – change 1.74%
CenterPoint (CNP) up 0.51 at 31.15 – change 1.66%
Entergy (ETR) up 3.34 at 120.09 – change 2.86%