What will oil prices do to start the week? Anything might be better than the 5% plunge on Friday where crude price dropped to an 8-month low and left Oklahoma energy stocks reeling.
It came as the U.S. dollar hit its strongest level in more than two decades and growing fears that increasing interest rates will cut demand for oil.
West Texas Intermediate crude for November delivery dropped nearly 6% or $4.75 to $78.74 a barrel on the New York Mercantile Exchange.
Global benchmark Brent crude for November delivery fell 4% or $4.31 to $86.15 a barrel on ICE Futures Europe.
October natural gas fell 26 cents or 4% to $6.83 per 1,000 cubic feet.
The impact on Oklahoma energy stocks was dramatic. How dramatic? How about an 11% plunge for Laredo Petroleum and Helmerich & Payne? Ten percent for PHX Minerals. Nine percent for Ovintiv and Devon Energy.
Apache (APA) down 4.24 at 32.86 – change 11.43%
Cheniere (LNG) down 11.04 at 155.18 – change 6.65%
Chevron (CVX) down 10.12 at 144.77 – change 6.54%
ConocoPhillips (COP) down 9.48 at 100.59 – change 8.61%
Diamondback Energy (FANG) down 11.34 at 115.20 – change 8.97%
Energy Transfer LP (ET) down 0.78 at 10.54 – change 6.90%
Enterprise Products Partners (EPD) down 1.30 at 23.62 – change 5.22%
EOG Resources (EOG) down 9.23 at 109.12 – change 7.80%
ExxonMobil (XOM) down 4.82 at 85.75 – change 5.33%
Kinder Morgan (KMI) down 0.79 at 16.53 – change 4.57%
Marathon Oil Corp. (MRO) down 2.69 at 21.90 – change 10.94%
National Oilwell Varco (NOV) down 1.42 at 15.18 – change 8.56%
Occidental Petroleum (OXY) down 3.15 at 58.73 – change 5.10%
Phillips 66 (PSX) down 6.28 at 75.98 – change 7.64%
Pioneer Natural Resources (PXD) down 17.66 at 208.99 – change 7.80%
Tellurian Inc. (TELL) down 0.43 at 2.34 – change 15.53%
Valero (VLO) down 7.02 at 100.57 – change 6.53%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) down 1.14 at 97.74 – change 1.16%
CenterPoint (CNP) down 0.10 at 31.56 – change 0.32%
Entergy (ETR) down 2.33 at 111.59 – change 2.05%