With a hint that the Biden administration is close to easing sanctions on Venezuelan crude exports, crude oil futures dropped more than $1 a barrel on Monday.
At the same time, traders indicated the Israel-Hamas war did not appear to be threatening oil supplies in the short term.
West Texas Intermediate crude dropped $1.03 or 1.2% to close at $86.66 a barrel on the New York Mercantile Exchange.
Brent crude futures, considered the global benchmark, fell $1.24 or 1.4% to finish at $89.65 a barrel on ICE Futures Europe.
November natural gas fell 13 cents to $3.11 per 1,000 cubic feet.
Mostly moderate gains were recorded by Oklahoma energy stocks on Monday’s trading with some seeing increases of 2% or more.
APA Corp. (Apache) (APA) up 0.94 at 42.19 – change 2.27%
Cheniere (LNG) down 2.74 at 173.97 – change 1.56%
Chevron (CVX) up 1.34 at 165.40 – change 0.81%
ConocoPhillips (COP) up 0.45 at 125.31 – change 0.36%
Diamondback Energy (FANG) up 0.84 at 167.41 – change 0.50%
Energy Transfer LP (ET) up 0.07 at 13.90 – change 0.50%
Enterprise Products Partners (EPD) unchanged at 27.63 – change 0.00%
EOG Resources (EOG) up 1.01 at 134.03 – change 0.76%
Exxon Mobil (XOM) up 0.08 at 109.95 – change 0.07%
Kinder Morgan (KMI) up 0.17 at 17.28 – change 0.99%
Marathon Oil Corp. (MRO) up 0.38 at 28.45 – change 1.35%
NOV Inc. (NOV) up 0.01 at 20.50 – change 0.04%
Occidental Petroleum (OXY) up 1.00 at 65.37 – change 1.55%
Phillips 66 (PSX) up 1.18 at 111.78 – change 1.06%
Pioneer Natural Resources (PXD) up 0.47 at 248.76 – change 0.18%
Tellurian Inc. (TELL) down 0.12 at 0.76 – change 13.04%
Valero (VLO) up 3.15 at 129.19 – change 2.45%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) up 1.59 at 76.06 – change 2.13%
CenterPoint (CNP) up 0.21 at 27.78 – change 0.76%
Entergy (ETR) up 1.65 at 95.20 – change 1.76%
