Crude oil prices dropped in Tuesday’s trading as many observers fear the U.S. Federal Reserve will hit markets with a higher-than-expected interest rate hike because of growing inflation that the Biden administration has been unable to solve.
For a second straight day, Oklahoma energy stocks recorded more losses than gains.
Many analysts believe the U.S. central bank will hike rates by 75 basis points when it meets on Wednesday. The concern transferred to crude oil acquisitions on Tuesday.
West Texas Intermediate crude for July delivery dropped $2 or 1.65% and settled at $118.93 a barrel on the New York Mercantile Exchange.
Global benchmark Brent crude for August delivery slipped $1.10 or nearly 1% and finished at $121.17 a barrel on ICE Futures Europe.
July natural gas fell $1.42 to $7.19 per 1,000 cubic feet.
Once again, Oklahoma energy stocks suffered, with one exception. Shares of Continental Resources shot up more than 15% over news that Harold Hamm is attempting to take the company private with a $70-a-share offer.
Of other energy stocks, more were down than were up according to the Texas Energy Report.
Apache (APA) up 0.43 at 46.00 – change 0.94%
Cheniere (LNG) up 2.68 at 130.52 – change 2.09%
Chevron (CVX) up 0.22 at 167.55 – change 0.13%
ConocoPhillips (COP) down 0.27 at 111.49 – change 0.25%
Diamondback Energy (FANG) up 1.83 at 149.63 – change 1.23%
Energy Transfer LP (ET) down 0.24 at 10.82 – change 2.17%
Enterprise Products Partners (EPD) down 0.72 at 25.96 – change 2.70%
EOG Resources (EOG) up 0.33 at 131.26 – change 0.25%
ExxonMobil (XOM) up 0.25 at 96.10 – change 0.26%
Kinder Morgan (KMI) down 0.24 at 17.89 – change 1.33%
Marathon Oil Corp. (MRO) up 0.40 at 28.79 – change 1.40%
National Oilwell Varco (NOV) down 0.22 at 18.10 – change 1.21%
Occidental Petroleum (OXY) up 2.25 at 62.09 – change 3.77%
Phillips 66 (PSX) up 2.69 at 104.13 – change 2.65%
Pioneer Natural Resources (PXD) up 3.18 at 264.55 – change 1.21%
Tellurian Inc. (TELL) unchanged at 3.59 – change 0.00%
Valero (VLO) up 2.14 at 133.75 – change 1.62%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) down 2.57 at 90.44 – change 2.77%
CenterPoint (CNP) down 1.04 at 27.60 – change 3.64%
Entergy (ETR) down 2.41 at 107.29 – change 2.20%
