Crude oil prices took another drop on Thursday, sliding nearly 2% and at the same time, extending Wednesday’s losses of nearly 6%. Worries about fuel demand fed the latest loss, even more than an OPEC+ decision to continue with oil output reductions.
Experts in the industry suggest that investors have nagging concerns that peak demands for fuel consumption are in the rear-view mirror.
The losses for both West Texas Intermediate and Brent crude have reached about $10 a barrel in less than a week and a half. Just last week, prices teased the $100 mark.
US benchmark, West Texas Intermediate finished Thursday down $1.91 or 2.3% at $82.31 a barrel on the New York Mercantile Exchange.
Brent crude, the global benchmark dropped $1.74 or 2.03% and closed at $84.07 on ICE Futures Europe.
Natural gas up 0.20 at $3.17 – change 6.89%
Thursday brought a moderate rebound for Oklahoma energy stocks. Empire Petroleum managed a 4% gain while Matrix Service Co. scored a 7% jump for the day. Other energy stocks were mostly smaller gains.
APA Corp. (Apache) (APA) down 0.29 at 37.72 – change 0.74%
Cheniere (LNG) up 1.65 at 160.60 – change 1.03%
Chevron (CVX) up 0.86 at 163.90 – change 0.52%
ConocoPhillips (COP) up 0.09 at 113.42 – change 0.07%
Diamondback Energy (FANG) down 0.39 at 145.12 – change 0.27%
Energy Transfer LP (ET) up 0.02 at 13.36 – change 0.14%
Enterprise Products Partners (EPD) up 0.06 at 26.93 – change 0.23%
EOG Resources (EOG) down 0.90 at 118.46 – change 0.76%
Exxon Mobil (XOM) down 2.51 at 108.99 – change 2.26%
Kinder Morgan (KMI) up 0.13 at 16.16 – change 0.81%
Marathon Oil Corp. (MRO) down 0.16 at 24.24 – change 0.66%
NOV Inc. (NOV) down 0.50 at 18.78 – change 2.60%
Occidental Petroleum (OXY) down 0.62 at 59.42 – change 1.04%
Phillips 66 (PSX) down 1.01 at 109.48 – change 0.92%
Pioneer Natural Resources (PXD) down 0.36 at 214.96 – change 0.17%
Tellurian Inc. (TELL) up 0.03 at 1.03 – change 3.00%
Valero (VLO) down 1.19 at 127.48 – change 0.93%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) down 1.96 at 71.33 – change 2.68%
CenterPoint (CNP) up 0.08 at 26.62 – change 0.30%
Entergy (ETR) up 0.74 at 91.76 – change 0.81%