An increase in U.S. crude stockpiles was blamed for a 3% or nearly $3 a barrel drop in prices on Wednesday. It also sparked huge losses for Oklahoma energy stocks with some tumbling as much as 12%.
Stockpiles increased more than expected and combined with a reported rebound of COVID-19 cases in importer China, it resulted in the drop in prices.
West Texas Intermediate crude for December delivery dropped $3.08 a barrel or nearly 3.5% to settle at $85.83 on the New York Mercantile Exchange.
Global benchmark Brent crude for January delivery fell $2.71 or more than 3% and finished at $92.65 a barrel on ICE Futures Europe.
December natural gas fell nearly 4.5% or 27 cents to $5.87 per 1,000 cubic feet.
The day proved to be nearly disastrous for Oklahoma energy stocks with most suffering large losses including a 12% drop for Empire Petroleum and 7%, 8% and 9% tumbles for Coderre Energy, Devon Energy, Gulfport Energy, Helmerich & Payne, Laredo Petroleum, and SandRidge Energy.
Alliance Resource Partners, L.P.
Other energy stocks had the same kind of ‘down’ day according to the Texas Energy Report.
Apache (APA) down 3.49 at 45.55 – change 7.12%
Cheniere (LNG) down 10.50 at 162.87 – change 6.06%
Chevron (CVX) down 7.41 at 177.93 – change 4.00%
ConocoPhillips (COP) down 9.18 at 125.26 – change 6.83%
Diamondback Energy (FANG) down 6.00 at 157.55 – change 3.67%
Energy Transfer LP (ET) down 0.30 at 11.97 – change 2.45%
Enterprise Products Partners (EPD) down 0.52 at 24.50 – change 2.08%
EOG Resources (EOG) down 8.64 at 139.62 – change 5.83%
ExxonMobil (XOM) down 5.10 at 108.90 – change 4.48%
Kinder Morgan (KMI) down 0.73 at 17.57 – change 3.99%
Marathon Oil Corp. (MRO) down 2.10 at 30.63 – change 6.42%
National Oilwell Varco (NOV) down 1.19 at 22.53 – change 5.02%
Occidental Petroleum (OXY) down 6.90 at 67.93 – change 9.23%
Phillips 66 (PSX) down 1.02 at 104.09 – change 0.98%
Pioneer Natural Resources (PXD) down 17.52 at 241.74 – change 6.76%
Tellurian Inc. (TELL) down 0.33 at 2.61 – change 11.23%
Valero (VLO) down 4.25 at 128.00 – change 3.22%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) down 0.60 at 87.82 – change 0.68%
CenterPoint (CNP) up 0.04 at 28.19 – change 0.14%
Entergy (ETR) down 0.93 at 107.12 – change 0.87%
