A day after rising 2%, crude oil prices fell more than 2% in Thursday’s trading, resulting in some strong gains for Oklahoma energy stocks.
What brought about the weak action by crude? OPEC+ and its decision to voluntary oil output cuts in the first quarter of next year. OPEC+, including Saudi Arabia and Russia, pump more than 40% of the world’s oil, and agreed to voluntary cuts of nearlly 2 million barrels a day.
West Texas Intermediate crude dropped $1.90 or 2.4% to close at $75.96 on the New York Mercantile Exchange, resulting in a 6.2% loss for November.
Brent crude, the global benchmark, dropped 27 cents or 0.3% to $82.83 a barrel on ICE Futures Europe. As for its November losses,they totaled 5.2%.
January natural gas was unchanged at $2.80 per 1,000 cubic feet.
Oklahoma energy stocks had another mixed day of trading, but with more gains and losses. Empire Petroleum gained 6% and Gulfport Energy rose 4% for the day.
APA Corp. (Apache) (APA) down 0.31 at 36.00 – change 0.86%
Cheniere (LNG) up 1.71 at 182.15 – change 0.94%
Chevron (CVX) down 0.31 at 143.60 – change 0.22%
ConocoPhillips (COP) up 1.60 at 115.57 – change 1.40%
Diamondback Energy (FANG) up 0.62 at 154.41 – change 0.40%
Energy Transfer LP (ET) up 0.21 at 13.89 – change 1.53%
Enterprise Products Partners (EPD) up 0.34 at 26.78 – change 1.28%
EOG Resources (EOG) down 0.17 at 123.07 – change 0.14%
Exxon Mobil (XOM) up 0.40 at 102.74 – change 0.39%
Kinder Morgan (KMI) up 0.25 at 17.57 – change 1.44%
Marathon Oil Corp. (MRO) up 0.13 at 25.43 – change 0.51%
NOV Inc. (NOV) down 0.12 at 18.82 – change 0.64%
Occidental Petroleum (OXY) down 1.18 at 59.15 – change 1.96%
Phillips 66 (PSX) up 6.67 at 128.88 – change 5.46%
Pioneer Natural Resources (PXD) up 1.76 at 231.64 – change 0.76%
Tellurian Inc. (TELL) up 0.04 at 0.60 – change 7.16%
Valero (VLO) up 1.28 at 125.36 – change 1.03%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) up 0.33 at 79.55 – change 0.42%
CenterPoint (CNP) up 0.38 at 28.27 – change 1.36%
Entergy (ETR) up 0.82 at 101.41 – change 0.81%