Crude oil takes 3% fall after Fed increases interest rates

  • June 15, 2022

Oil Slides 24% in Worst Year Since 1991 | The Motley Fool

 

After starting out the week in a weak posture, crude oil prices dropped more than 2% Wednesday following the move by the Federal Reserve to hike interest rates by three-quarters of a percentage point.

West Texas Intermediate crude actually fell 3.04% or $3.62 to settle at $115.31 a barrel on the New York Mercantile Exchange. At one point, WTI reached a low for the day of $114.60 a barrel.

Global benchmark Brent crude settled down 2.2% or $2.70 at $118.51 a barrel on ICE Futures Europe. It reached a low of $117.75 in earlier trading.

The price fall came after the Energy Information Administration reported U.S. crude production edged up 100,000 a day last week to reach 12 million barrels a day, the highest production level since April 2020.

The fall in crude oil prices left Oklahoma energy stocks struggling for the day with many recording losses.

Continental Resources fell more than 3.5% while Laredo Petroleum dropped nearly 6%.

 

Alliance Resource Partners, L.P.
18.17 USD+0.28 (1.57%)
Blueknight Energy Partners LP Common Stock
4.53 USD−0.020 (0.44%)
Chesapeake Energy Ord Shs
88.25 USD+0.60 (0.68%)
Continental Resources, Inc.
71.61 USD−2.61 (3.52%)
Coterra Energy Inc
30.67 USD−0.44 (1.41%)
Devon Energy Corp
68.46 USD−2.14 (3.03%)
Empire Petroleum Corporation
16.62 USD+0.98 (6.27%)
Gulfport Energy Corp
100.09 USD+3.51 (3.63%)
Helmerich & Payne, Inc.
43.79 USD−1.14 (2.54%)
LSB Industries, Inc.
16.96 USD−0.66 (3.75%)
Laredo Petroleum Inc
98.69 USD−6.23 (5.94%)
Magellan Midstream Partners, L.P.
49.39 USD−1.24 (2.45%)
Mammoth Energy Services Inc
2.24 USD−0.020 (0.88%)
Matrix Service Co
5.95 USD+0.020 (0.34%)
NGL Energy Partners LP
1.69 USD−0.100 (5.59%)
OGE Energy Corp.
36.24 USD+0.070 (0.19%)
ONE Gas Inc
79.00 USD+0.18 (0.23%)
ONEOK, Inc.
59.69 USD−0.70 (1.16%)
Ovintiv Inc
54.01 USD−1.84 (3.29%)
PHX Minerals Inc
4.05 USD+0.12 (3.05%)
SandRidge Energy Inc.
22.04 USD+0.14 (0.64%)
Unit Corp
57.00 USD+1.60 (2.89%)
Williams Companies Inc
31.75 USD−0.61 (1.89%)
Stocks closed sharply down on Monday after oil prices surged - The Boston Globe
 Other energy stocks had losses as well according to the Texas Energy Report.

Apache (APA) down 0.37 at 45.63 – change 0.81%

Cheniere (LNG) down 0.05 at 130.47 – change 0.04%

Chevron (CVX) down 3.29 at 164.26 – change 1.97%

ConocoPhillips (COP) down 2.16 at 109.33 – change 1.94%

Diamondback Energy (FANG) down 2.87 at 146.76 – change 1.92%

Energy Transfer LP (ET) down 0.10 at 10.72 – change 0.93%

Enterprise Products Partners (EPD) down 0.50 at 25.46 – change 1.93%

EOG Resources (EOG) down 3.80 at 127.46 – change 2.90%

ExxonMobil (XOM) down 1.21 at 94.89 – change 1.26%

Kinder Morgan (KMI) down 0.29 at 17.60 – change 1.63%

Marathon Oil Corp. (MRO) down 0.72 at 28.07 – change 2.51%

National Oilwell Varco (NOV) down 0.34 at 17.76 – change 1.88%

Occidental Petroleum (OXY) down 1.81 at 60.28 – change 2.92%

Phillips 66 (PSX) down 1.75 at 102.38 – change 1.69%

Pioneer Natural Resources (PXD) down 6.34 at 258.20 – change 2.40%

Tellurian Inc. (TELL) up 0.22 at 3.81 – change 6.12%

Valero (VLO) down 5.45 at 128.30 – change 4.08%

CLOSING TOP UTILITY STOCKS

American Electric Power (AEP) up 0.21 at 90.65 – change 0.23%

CenterPoint (CNP) up 0.52 at 28.12 – change 1.88%

Entergy (ETR) up 0.48 at 107.77 – change 0.44%

Jerry Bohnen