Nagging worries that sluggish economic growth might reduce energy demand sent crude oil prices down 1% on Tuesday. But Oklahoma energy stocks responded with big 5% and 6% gains in some cases.
West Texas Intermediate crude dropped 41 cents a barrel or 0.6% to settle at $71.74 on the New York Mercantile Exchange.
Global benchmark Brent crude fell 42 cents a barrel or 0.6% to settle at $76.29 on ICE Futures Europe.
Natural gas up 0.02 at $2.26 – change 0.76%
The slump came a day after Monday’s increase which was the result of Saudi Arabia’s weekend announcement to cut production to about 9 million barrels a day in July.
Turned out to be a strong day for most Oklahoma energy stocks including a 6% gain for Empire Petroleum and a 5% boost for PHX Minerals Inc.
Other energy stocks also saw a day of gains, according to the Texas Energy Report.
APA Corp. (Apache) (APA) up 0.27 at 33.34 – change 0.81%
Cheniere (LNG) down 1.59 at 141.80 – change 1.11%
Chevron (CVX) up 0.28 at 155.79 – change 0.18%
ConocoPhillips (COP) down 0.13 at 101.94 – change 0.13%
Diamondback Energy (FANG) up 0.64 at 130.96 – change 0.49%
Energy Transfer LP (ET) up 0.02 at 12.91 – change 0.15%
Enterprise Products Partners (EPD) up 0.03 at 25.99 – change 0.11%
EOG Resources (EOG) up 1.15 at 112.81 – change 1.03%
ExxonMobil (XOM) up 0.86 at 106.15 – change 0.81%
Kinder Morgan (KMI) up 0.09 at 16.85 – change 0.53%
Marathon Oil Corp. (MRO) up 0.24 at 23.18 – change 1.04%
NOV Inc. (NOV) up 0.01 at 15.50 – change 0.06%
Occidental Petroleum (OXY) up 0.04 at 59.44 – change 0.06%
Phillips 66 (PSX) up 0.80 at 96.82 – change 0.83%
Pioneer Natural Resources (PXD) up 0.60 at 203.45 – change 0.29%
Tellurian Inc. (TELL) up 0.02 at 1.24 – change 1.63%
Valero (VLO) up 1.88 at 109.27 – change 1.75%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) down 0.57 at 83.44 – change 0.67%
CenterPoint (CNP) down 0.19 at 28.56 – change 0.67%
Entergy (ETR) down 0.79 at 98.97 – change 0.80%