Crude oil prices have been on a roller coaster ride, gaining 3% last Friday and falling nearly 4% in Monday’s trading. Why the fall? Mostly because fears have declined about the possibility that the Israel-Hamas war will disrupt oil supplies in the region.
Plus, there is the matter of this week’s meeting of the U.S. Federal Reserve and investors remain cautious as they await the results of the gathering.
Here in the U.S., benchmark West Texas Intermediate crude dropped $3.23 or 3.78% to close at $82.31 a barrel on the New York Mercantile Exchange.
Brent crude, the benchmark followed around the globe, dropped $3.03 or 3.35% to $87.45 a barrel on ICE Futures Europe.
December natural gas fell 13 cents to $3.35 per 1,000 cubic feet.
Oklahoma energy stocks recorded losses, or at least, most of them did, some ranging from 2% to 3%. Three percent falls were recorded by Mammoth Energy and Vital Energy.
For the first time, we also have included Mach Natural Resources since it entered trading last week with its IPO. It recorded a more than 1% fall in Monday’s trading.
Other energy stocks had a mixed day of trading, according to the Texas Energy Report.
APA Corp. (Apache) (APA) down 0.45 at 39.68 – change 1.13%
Cheniere (LNG) down 0.01 at 166.85 – change 0.01%
Chevron (CVX) up 1.74 at 146.09 – change 1.20%
ConocoPhillips (COP) up 0.34 at 118.14 – change 0.28%
Diamondback Energy (FANG) down 1.62 at 158.43 – change 1.02%
Energy Transfer LP (ET) up 0.04 at 13.15 – change 0.30%
Enterprise Products Partners (EPD) down 0.15 at 26.44 – change 0.53%
EOG Resources (EOG) down 0.54 at 125.45 – change 0.43%
Exxon Mobil (XOM) up 0.33 at 105.88 – change 0.31%
Kinder Morgan (KMI) up 0.04 at 16.13 – change 0.26%
Marathon Oil Corp. (MRO) down 0.32 at 27.16 – change 1.17%
NOV Inc. (NOV) up 0.19 at 19.79 – change 0.96%
Occidental Petroleum (OXY) down 0.57 at 61.67 – change 0.90%
Phillips 66 (PSX) up 1.51 at 112.44 – change 1.36%
Pioneer Natural Resources (PXD) up 0.12 at 238.91 – change 0.05%
Tellurian Inc. (TELL) unchanged at 0.65 – change 0.00%
Valero (VLO) up 0.68 at 124.24 – change 0.55%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) up 0.48 at 75.41 – change 0.64%
CenterPoint (CNP) up 0.20 at 26.89 – change 0.74%
Entergy (ETR) down 3.39 at 94.77 – change 3.70%