Crude oil prices dropped by 1% on Friday but remained at least 28% higher for the quarter, thanks to OPEC+ product cuts that put the squeeze on the global crude supply.
Oklahoma energy stocks felt the pressure with at least one company, Empire Petroleum Corp., falling more than 7% in the day’s trading.
West Texas Intermediate crude, considered the belle of the ball in the past few weeks, dropped 92 cents for the day to close at $90.97, still up 1% for the week and 29% higher for the quarter.
Global benchmark Brent crude finished down 7 cents at $95.31 per barrel on ICE Futures Europe. Brent closed up nearly 2.2% for the week and 27% for the third quarter.
November natural gas fell 2 cents to $2.93 per 1,000 cubic feet.
Turned out to be a losing day for many Oklahoma energy stocks. While Empire Petroleum led the way with the more than 7% loss, others lost 3% to 4% in the day’s trading.
APA Corp. (Apache) (APA) down 1.13 at 41.10 – change 2.68%
Cheniere (LNG) down 2.98 at 165.96 – change 1.77%
Chevron (CVX) down 1.97 at 168.62 change 1.16%
ConocoPhillips (COP) down 2.92 at 119.80 – change 2.38%
Diamondback Energy (FANG) down 2.26 at 154.88 – change 1.44%
Energy Transfer LP (ET) up 0.01 at 14.03 – change 0.07%
Enterprise Products Partners (EPD) down 0.05 at 27.37 – change 0.19%
EOG Resources (EOG) down 2.71 at 126.76 – change 2.10%
Exxon Mobil (XOM) down 1.89 at 117.58 – change 1.59%
Kinder Morgan (KMI) down 0.09 at 16.57 – change 0.54%
Marathon Oil Corp. (MRO) down 0.66 at 26.75 – change 2.41%
NOV Inc. (NOV) down 0.33 at 20.90 – change 1.56%
Occidental Petroleum (OXY) down 1.00 at 64.88 – change 1.52%
Phillips 66 (PSX) down 3.23 at 120.15 – change 2.62%
Pioneer Natural Resources (PXD) down 4.64 at 229.55 – change 1.99%
Tellurian Inc. (TELL) unchanged at 1.15 – change 0.00%
Valero (VLO) down 5.47 at 141.71 – change 3.72%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) up 0.55 at 75.22 – change 0.73%
CenterPoint (CNP) up 0.15 at 26.85 – change 0.56%
Entergy (ETR) up 0.21 at 92.50 – change 0.22%