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.
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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%