The first day of trading on Monday brought a nearly 2% fall in crude oil prices but an even greater impact on Oklahoma energy stocks as some dropped 7% and 8%.
A stronger U.S. dollar brought about the slip in crude oil prices as traders scooped up profits, showing obvious concern about rising crude supplies and the pressure on demand from high interest rates.
The U.S. benchmark, West Texas Intermediate, dropped $1.97 or 2.2% and fell below the $90 mark, settling at $88.82 per barrel on the New York Mercantile Exchange.
The global benchmark, Brent crude settled $1.49 or 1.6% per barrel on its first days as the front-month for December delivery and finished at $90.71 a barrel on ICE Futures Europe. The slide was 5% from where Brent finished its November contract on Friday.
Crude oil wasn’t the only commodity to drop. November natural gas fell 9 cents to $2.84 per 1,000 cubic feet.
The only thing that rose in trading of Oklahoma energy stocks was likely the blood pressure of traders and investors. Empire Petroleum plunged 8% and Vital Energy dropped more than 7%. For others, many were in the 4% range of declines.
Other energy stocks had the same kind of bad day, according to the Texas Energy Report.
APA Corp. (Apache) (APA) down 1.57 at 39.53 – change 3.82%
Cheniere (LNG) down 3.43 at 162.53 – change 2.07%
Chevron (CVX) down 2.08 at 166.54 change 1.24%
ConocoPhillips (COP) down 2.70 at 117.10 – change 2.26%
Diamondback Energy (FANG) down 4.68 at 150.19 – change 3.03%
Energy Transfer LP (ET) down 0.25 at 13.78 – change 1.79%
Enterprise Products Partners (EPD) down 0.17 at 27.20 – change 0.63%
EOG Resources (EOG) down 3.10 at 123.66 – change 2.45%
Exxon Mobil (XOM) down 1.95 at 115.63 – change 1.66%
Kinder Morgan (KMI) down 0.42 at 16.16 – change 2.54%
Marathon Oil Corp. (MRO) down 1.16 at 25.59 – change 4.34%
NOV Inc. (NOV) down 0.45 at 20.45 – change 2.16%
Occidental Petroleum (OXY) down 2.58 at 62.30 – change 3.98%
Phillips 66 (PSX) down 1.13 at 119.02 – change 0.95%
Pioneer Natural Resources (PXD) down 5.09 at 224.46 – change 2.22%
Tellurian Inc. (TELL) down 0.10 at 1.06 – change 8.63%
Valero (VLO) down 3.62 at 138.09 – change 2.56%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) down 3.38 at 71.84 – change 4.50%
CenterPoint (CNP) down 1.11 at 25.75 – change 4.10%
Entergy (ETR) down 3.63 at 88.87 – change 3.93%
