A 4% drop in oil futures was recorded in Thursday’s trading and Oklahoma energy stocks suffered as well, with one company falling 12% and another 9%.
A bigger-than-expected Bank of England rate hike was behind the drop in futures along with a surprise dip in U.S. oil supplies.
West Texas Intermediate crude finished down $3.02 or 4.2% per barrel and closed at $69.51 on the New York Mercantile Exchange.
Brent futures, the global benchmark, finished down $2.98 or 3.9% a barrel to $74.14 on ICE Futures Europe.
July natural gas rose 1 cent to $2.61 per 1,000 cubic feet.
All but 3 of the energy stocks we report on daily recorded losses in Thursday’s trading. The biggest? Gulfport Energy Corp. It plunged 12% in trading. Empire Petroleum dropped more than 9% for the day.
Other energy stocks were also hurt in the day of trading according to the Texas Energy Report.
APA Corp. (Apache) (APA) down 1.00 at 33.21 – change 2.93%
Cheniere (LNG) down 0.64 at 149.50 – change 0.43%
Chevron (CVX) down 2.25 at 152.63 – change 1.45%
ConocoPhillips (COP) down 2.27 at 101.43 – change 1.63%
Diamondback Energy (FANG) down 1.82 at 125.85 – change 1.43%
Energy Transfer LP (ET) down 0.11 at 12.67 – change 0.87%
Enterprise Products Partners (EPD) down 0.17 at 26.04 – change 0.65%
EOG Resources (EOG) down 2.62 at 108.25 – change 2.37%
ExxonMobil (XOM) down 0.57 at 103.30 – change 0.55%
Kinder Morgan (KMI) down 0.15 at 16.48 – change 0.91%
Marathon Oil Corp. (MRO) down 0.79 at 22.25 – change 3.43%
NOV Inc. (NOV) down 0.25 at 15.40 – change 1.60%
Occidental Petroleum (OXY) down 0.95 at 56.52 – change 1.66%
Phillips 66 (PSX) down 2.48 at 90.81 – change 2.65%
Pioneer Natural Resources (PXD) down 3.08 at 200.19 – change 1.52%
Tellurian Inc. (TELL) up 0.05 at 1.38 – change 3.75%
Valero (VLO) down 1.23 at 110.39 – change 1.11%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) down 0.35 at 85.10 – change 0.41%
CenterPoint (CNP) down 0.32 at 29.11 – change 1.09%
Entergy (ETR) down 1.41 at 99.18 – change 1.41%