The move by European Union leaders to adopt a partial ban on Russian oil imports provided a spark for oil-producer stocks and sent the global price of oil to more than $120 a barrel on Tuesday. But Oklahoma energy stocks went the opposite direction.
After trading as high as two cents short of $120 a barrel, West Texas Intermediate crude for July delivery slipped 40 cents to close at $114.67 a barrel on the New York Mercantile Exchange.
Global benchmark Brent crude for July delivery went up at least 1% or $1.17 to finish the day at $122.84 a barrel on ICE Futures Europe. It had traded at more than $125 a barrel. The increase in price extended to nine consecutive sessions and left Brent crude up 52% so far this year.
July natural gas fell 58 cents or 7% to $8.15 per 1,000 cubic feet.
Oklahoma energy stocks couldn’t ride the coattails of global oil prices and many suffered losses for the day including a nearly 9% drop for NGL Energy Partners and a 6% drop for Chesapeake Energy.
Other energy stocks had the same kind of down day according to the Texas Energy Report.
Apache (APA) down 0.61 at 47.01 – change 1.29%
Cheniere (LNG) down 1.56 at 136.77 – change 1.13%
Chevron (CVX) down 3.62 at 174.66 – change 2.04%
ConocoPhillips (COP) down 2.25 at 112.36 – change 1.96%
Diamondback Energy (FANG) down 0.64 at 152.02 – change 0.42%
Energy Transfer LP (ET) up 0.01 at 11.66 – change 0.08%
Enterprise Products Partners (EPD) down 0.18 at 27.42 – change 0.66%
EOG Resources (EOG) up 0.11 at 136.96 – change 0.08%
ExxonMobil (XOM) down 1.59 at 96.00 – change 1.63%
Kinder Morgan (KMI) down 0.25 at 19.69 – change 1.26%
Marathon Oil Corp. (MRO) up 0.36 at 31.43 – change 1.15%
National Oilwell Varco (NOV) down 0.12 at 20.00 – change 0.60%
Occidental Petroleum (OXY) down 1.55 at 69.31 – change 2.19%
Phillips 66 (PSX) down 0.92 at 100.81 – change 0.91%
Pioneer Natural Resources (PXD) down 2.06 at 277.94 – change 0.74%
Tellurian Inc. (TELL) down 0.08 at 4.76 – change 1.65%
Valero (VLO) down 2.21 at 129.60 – change 1.68%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) down 1.54 at 102.03 – change 1.49%
CenterPoint (CNP) down 0.37 at 32.04 – change 1.15%
Entergy (ETR) down 0.76 at 120.32 – change 0.63%