Crude oil took a 9% drop on Tuesday, its biggest fall since March, and prices in the U.S. slipped below $100 a barrel while Oklahoma stocks suffered—some with losses of 8 and 9%.
Why the fall? Analysts attributed growing worries among investors about a global recession and that demand could be slashed because of COVID-19 lockdowns in China.
West Texas Intermediate crude for August delivery dropped nearly $9 a barrel. The plunge by $8.93 stopped at $99.50 a barrel on the New York Mercantile Exchange.
Global benchmark Brent crude for September delivery dropped even more, falling $10.73 a barrel before settling at $102.70 on ICE Futures Europe.
Oil prices weren’t the only stocks to fall on Tuesday. So did Oklahoma energy stocks including a more than 9% drop for PHX Minerals along with 8% losses for Gulfport Energy and Ovintiv Inc., 7% for Chesapeake Energy and Laredo Petroleum and 6% at Devon Energy.
Apache (APA) down 2.62 at 32.72 – change 7.42%
Cheniere (LNG) up 0.03 at 131.97 – change 0.02%
Chevron (CVX) down 3.85 at 142.66 – change 2.63%
ConocoPhillips (COP) down 6.34 at 84.64 – change 6.97%
Diamondback Energy (FANG) down 7.07 at 114.14 – change 5.84%
Energy Transfer LP (ET) down 0.15 at 9.88 – change 1.40%
Enterprise Products Partners (EPD) down 0.63 at 24.00 – change 2.56%
EOG Resources (EOG) down 6.80 at 104.82 – change 6.10%
ExxonMobil (XOM) down 2.74 at 84.81 – change 3.13%
Kinder Morgan (KMI) down 0.40 at 16.57 – change 2.36%
Marathon Oil Corp. (MRO) down 1.42 at 21.14 – change 6.30%
National Oilwell Varco (NOV) down 0.91 at 15.99 – change 5.39%
Occidental Petroleum (OXY) down 1.33 at 59.11 – change 2.21%
Phillips 66 (PSX) down 3.98 at 80.39 – change 4.72%
Pioneer Natural Resources (PXD) down 8.81 at 215.14 – change 3.93%
Tellurian Inc. (TELL) down 0.10 at 2.89 – change 3.35%
Valero (VLO) down 4.39 at 103.59 – change 4.07%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) down 4.37 at 93.58 – change 4.47%
CenterPoint (CNP) down 1.41 at 29.09 – change 4.63%
Entergy (ETR) down 5.54 at 109.76 – change 4.81%