Crude oil prices plunged nearly 4% in Tuesday’s trading, taking Oklahoma energy stocks with them. It was the lowest level for Brent and WTI prices in half a year, thanks to nagging worries of investors about oversupply. Prices fell after U.S. economic data showed a surprised increase in consumer prices.
West Texas Intermediate crude, the US benchmark, dropped $2.71 or 3.8% per barrel to close at $68.61 on the New York Mercantile Exchange.
Global benchmark Brent crude finished down $2.79 or 3.7% per barrel to $73.24 on Ice Futures Europe.
All of this after the consumer price index in the US unexpectedly rose in November, further supporting the view the Federal Reserve was unlikely to cut interest rates early next year.
January natural gas fell 12 cents to $2.31 per 1,000 cubic feet.
Oklahoma energy stocks took a beating on Tuesday with several firms recording losses of 3% and 4% while Vital Energy experienced a 5% loss for the day.
APA Corp. (Apache) (APA) down 0.52 at 34.18 – change 1.50%
Cheniere (LNG) down 2.11 at 170.82 – change 1.23%
Chevron (CVX) down 1.85 at 142.50 – change 1.29%
ConocoPhillips (COP) down 1.11 at 111.06 – change 0.99%
Diamondback Energy (FANG) down 1.66 at 147.88 – change 1.12%
Energy Transfer LP (ET) down 0.02 at 13.25 – change 0.16%
Enterprise Products Partners (EPD) down 0.16 at 26.01 – change 0.62%
EOG Resources (EOG) down 1.53 at 117.67 – change 1.29%
Exxon Mobil (XOM) down 1.57 at 98.05 – change 1.58%
Kinder Morgan (KMI) down 0.35 at 17.22 – change 2.00%
Marathon Oil Corp. (MRO) down 0.70 at 23.35 – change 2.92%
NOV Inc. (NOV) down 0.21 at 18.54 – change 1.13%
Occidental Petroleum (OXY) down 1.51 at 55.55 – change 2.65%
Phillips 66 (PSX) down 1.19 at 125.22 – change 0.95%
Pioneer Natural Resources (PXD) down 3.15 at 220.28 – change 1.41%
Tellurian Inc. (TELL) up 0.01 at 0.59 – change 1.68%
Valero (VLO) down 2.58 at 120.90 – change 2.09%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) down 0.49 at 80.00 – change 0.61%
CenterPoint (CNP) down 0.04 at 29.01 – change 0.14%
Entergy (ETR) down 0.52 at 101.59 – change 0.51%