After two straight days of 2% gains, crude oil prices on Thursday fell 1% and Oklahoma energy stocks also recorded another weak day with losses of 4% to 7%.
Analysts credited Energy Secretary Jennifer Granholm’s remarks to lawmakers that refilling the country’s Strategic Petroleum Reserve might take years with causing the slump in crude prices.
Reuters reported Granholm’s comments fed worries about potential oversupply, especially as the Energy Department plans to proceed with an additional release of 26 million barrel as part of its congressional mandate, UBS analyst Giovanni Staunovo said. Before Granholm’s remarks, oil had risen 1%.
West Texas Intermediate crude dropped 1.3% on a 94 cent fall per barrel before settling at $69.96 on the New York Mercantile Exchange.
Brent crude, the global benchmark, slid 78 cents or 1% to finish the day at $75.91 a barrel on ICE Futures Europe.
April natural gas fell 2 cents to $2.15 per 1,000 cubic feet.
Oklahoma energy stocks suffered more losses including NGL Energy Partners and Mammoth Energy with 7% drops.
For other energy stocks, it too was another down day according to the Texas Energy Report.
APA Corp. (Apache) (APA) down 0.34 at 34.01 – change 0.99%
Cheniere (LNG) down 0.78 at 146.65 – change 0.53%
Chevron (CVX) down 1.55 at 154.52 – change 1.00%
ConocoPhillips (COP) down 1.95 at 96.42 – change 1.99%
Diamondback Energy (FANG) down 1.33 at 126.63 – change 1.04%
Energy Transfer LP (ET) down 0.08 at 11.68 – change 0.69%
Enterprise Products Partners (EPD) up 0.03 at 24.97 – change 0.12%
EOG Resources (EOG) down 0.95 at 104.78 – change 0.90%
ExxonMobil (XOM) down 1.18 at 103.41 – change 1.13%
Kinder Morgan (KMI) down 0.23 at 16.39 – change 1.39%
Marathon Oil Corp. (MRO) down 0.29 at 22.00 – change 1.26%
NOV Inc. (NOV) down 0.35 at 17.27 – change 1.99%
Occidental Petroleum (OXY) down 0.20 at 58.48 – change 0.35%
Phillips 66 (PSX) down 1.15 at 93.54 – change 1.22%
Pioneer Natural Resources (PXD) down 0.63 at 189.18 – change 0.34%
Tellurian Inc. (TELL) down 0.09 at 0.98 – change 8.01%
Valero (VLO) down 1.39 at 130.38 – change 1.06%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) down 1.44 at 85.41 – change 1.66%
CenterPoint (CNP) down 0.33 at 27.32 – change 1.20%
Entergy (ETR) down 0.08 at 100.35 – change 0.08%