A move by Saudi Arabia to adopt sharp price cuts sent crude prices tumbling by more than 4% on Monday. At the same time, there was a gain in OPEC output.
US West Texas Intermediate crude fell $3.04 or 4.1% at $70.77 a barrel on the New York Mercantile Exchange.
Global benchmark Brent crude dropped $2.64 or 3.4% and finished at $76.12 a barrel on ICE Futures Europe.
Reuters reported that both contracts had risen more than 2% in the first week of 2024 as geopolitical risk in the Middle East intensified after attacks by Yemen’s Houthis on ships in the Red Sea.
Natural gas up 0.09 at $2.98 – change 3.01%
As for Oklahoma energy stocks, more fell than the number that saw gains for the day. Three percent losses were recorded by Empire Petroleum, Helmerich & Payne and NGL Energy Partners.
APA Corp. (Apache) (APA) down 0.61 at 33.72 – change 1.78%
Cheniere (LNG) down 0.62 at 166.95 – change 0.37%
Chevron (CVX) down 0.90 at 149.50 – change 0.60%
ConocoPhillips (COP) down 2.03 at 114.50 – change 1.75%
Diamondback Energy (FANG) down 0.19 at 155.76 – change 0.13%
Energy Transfer LP (ET) up 0.03 at 13.98 – change 0.21%
Enterprise Products Partners (EPD) up 0.08 at 26.78 – change 0.29%
EOG Resources (EOG) down 2.61 at 117.77 – change 2.17%
Exxon Mobil (XOM) down 1.71 at 100.92 – change 1.67%
Kinder Morgan (KMI) up 0.09 at 18.11 – change 0.49%
Marathon Oil Corp. (MRO) down 0.65 at 23.78 – change 2.67%
NOV Inc. (NOV) down 0.38 at 20.21 – change 1.85%
Occidental Petroleum (OXY) down 0.67 at 58.27 – change 1.14%
Phillips 66 (PSX) down 1.39 at 133.85 – change 1.03%
Pioneer Natural Resources (PXD) down 3.73 at 226.35 – change 1.63%
Tellurian Inc. (TELL) down 0.04 at 0.71 – change 4.30%
Valero (VLO) up 0.27 at 129.27 – change 0.20%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) up 0.44 at 84.51 – change 0.52%
CenterPoint (CNP) up 0.17 at 29.41 – change 0.58%
Entergy (ETR) up 0.74 at 104.68 – change 0.71%
