Crude oil prices took a downturn on Tuesday because of forecasts for slower oil demand growth in China, which is the world’s second-biggest oil consumer. At the same time, it left Oklahoma energy stocks mixed in trading with some companies registering 4% losses.
West Texas Intermediate crude for July delivery dropped $1.28 or 1.8% per barrel to close at $70.50 on the New York Mercantile Exchange. It was also the last day as the U.S. front month and so the WTI contract for August delivery dropped about 1% at $71.93 a barrel.
Global benchmark Brent crude for August delivery slipped 19 cents or 0.3% to close at $75.90 a barrel on ICE Futures Europe.
The crude price decline was led by near 3% losses in U.S. gasoline and diesel futures reported Reuters.
July natural gas fell 14 cents to $2.49 per 1,000 cubic feet.
Some Oklahoma energy stocks reported 3% gains for the day while others had losses of 3% and 4%.
It proved more of a down day for other energy stocks according to the Texas Energy Report.
APA Corp. (Apache) (APA) down 0.88 at 33.50 – change 2.56%
Cheniere (LNG) up 0.25 at 148.93 – change 0.16%
Chevron (CVX) down 3.58 at 153.68 – change 2.28%
ConocoPhillips (COP) down 2.89 at 102.03 – change 2.76%
Diamondback Energy (FANG) down 1.77 at 126.97 – change 1.38%
Energy Transfer LP (ET) down 0.08 at 12.75 – change 0.55%
Enterprise Products Partners (EPD) down 0.29 at 26.11 – change 1.07%
EOG Resources (EOG) down 3.08 at 110.33 – change 2.72%
ExxonMobil (XOM) down 2.41 at 102.72 – change 2.30%
Kinder Morgan (KMI) down 0.38 at 16.66 – change 2.24%
Marathon Oil Corp. (MRO) down 0.68 at 22.82 – change 2.90%
NOV Inc. (NOV) down 0.17 at 15.42 – change 1.10%
Occidental Petroleum (OXY) down 0.92 at 57.23 – change 1.59%
Phillips 66 (PSX) down 3.65 at 93.48 – change 3.76%
Pioneer Natural Resources (PXD) down 4.96 at 201.84 – change 2.40%
Tellurian Inc. (TELL) up 0.02 at 1.40 – change 1.44%
Valero (VLO) down 3.25 at 110.96 – change 2.85%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) down 0.39 at 84.54 – change 0.46%
CenterPoint (CNP) down 0.10 at 29.08 – change 0.35%
Entergy (ETR) down 2.48 at 99.53 – change 2.44%