False rumors led to 2% drop in crude oil prices

A rumor of what Reuters called “false market speculation” drove crude oil prices down as much as 2.7% on Thursday. The rumor? One that Israel had agreed to a Gaza ceasefire proposal.

When the news could not be confirmed West Texas Intermediate crude futures, considered the U.S. benchmark, dropped $2.03 or 2.7% to $73.82 a barrel on the New York Mercantile Exchange.

Brent crude, the worldwide benchmark, fell $1.85 or 2.5% and settled at $78.70 on ICE Futures Europe.

March natural gas fell 5 cents to $2.05 per 1,000 cubic feet.

Mixed trading highlighted the day for Oklahoma energy stocks. Canoo fell 12%, Mach Natural Resources 4% and PHX Minerals 3%, while LSB Industries went up 4% and OGE 2%.

Many other energy stocks also finished down for the day, as the Texas Energy Report showed.

APA Corp. (Apache) (APA) down 0.53 at 30.80 – change 1.70%

Cheniere (LNG) down 0.99 at 163.00 – change 0.61%

Chevron (CVX) up 0.46 at 147.88 – change 0.31%

ConocoPhillips (COP) down 0.49 at 111.38 – change 0.44%

Diamondback Energy (FANG) down 1.02 at 152.72 – change 0.67%

Energy Transfer LP (ET) up 0.07 at 14.37 – change 0.48%

Enterprise Products Partners (EPD) up 0.04 at 26.80 – change 0.14%

EOG Resources (EOG) down 1.19 at 112.60 – change 1.05%

Exxon Mobil (XOM) down 0.42 at 102.39 – change 0.41%

Kinder Morgan (KMI) up 0.11 at 17.03 – change 0.65%

Marathon Oil Corp. (MRO) down 0.19 at 22.66 – change 0.84%

NOV Inc. (NOV) up 0.34 at 19.85 – change 1.74%

Occidental Petroleum (OXY) down 0.25 at 57.32 – change 0.44%

Phillips 66 (PSX) up 1.24 at 145.55 – change 0.85%

Pioneer Natural Resources (PXD) down 1.28 at 228.55 – change 0.56%

Tellurian Inc. (TELL) down 0.04 at 0.46 – change 7.23%

Valero (VLO) down 0.61 at 138.29 – change 0.44%

CLOSING TOP UTILITY STOCKS

American Electric Power (AEP) up 1.55 at 79.69 – change 1.98%

CenterPoint (CNP) up 0.44 at 28.38 – change 1.57%

Entergy (ETR) up 2.23 at 101.99 – change 2.23%