Crude oil prices dropped on fears of continued high interest rates

As crude oil prices dropped more than 1% in trading on Tuesday, thanks to U.S. data fueling concerns that interest rates will remain high, Oklahoma energy stocks responded with gains for the day.

Because of increased producer prices in April, concerns grew that the Federal Reserve will maintain borrowing costs at elevated levels in the name of fighting inflation.

Wildfires in Canada and risks to supply from Mideast tensions also played a role in what happened to oil prices.

West Texas Intermediate crude finished down $1.10 or 1.39% at $78.02 a barrel on the New York Mercantile Exchange.

Brent crude dropped 98 cents or 1.18% and losed at $82.38 a barrel on ICE Futures Europe.

June natural gas fell 4 cents to $2.34 per 1,000 cubic feet.

Tuesday turned into a day of gains for Oklahoma energy stocks with Mammoth Energy shooting up more than 9%, SandRidge Energy and Southwestern Energy each recording 3% increases and Chesapeake Energy at nearly 3%.

Other energy stocks were mixed in the day’s trading, according to the Texas Energy Report.

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APA Corp. (Apache) (APA) down 0.03 at 30.17 – change 0.10%

Cheniere (LNG) up 2.68 at 157.41 – change 1.73%

Chevron (CVX) down 0.92 at 163.61 – change 0.56%

ConocoPhillips (COP) down 0.56 at 121.04 – change 0.46%

Diamondback Energy (FANG) down 0.76 at 198.05 – change 0.38%

Energy Transfer LP (ET) up 0.05 at 15.87 – change 0.31%

Enterprise Products Partners (EPD) up 0.18 at 28.95 – change 0.62%

EOG Resources (EOG) up 0.03 at 129.43 – change 0.02%

Exxon Mobil (XOM) up 0.71 at 117.67 – change 0.60%

Kinder Morgan (KMI) up 0.26 at 19.41 – change 1.35%

Marathon Oil Corp. (MRO) up 0.12 at 26.57 – change 0.45%

NOV Inc. (NOV) up 0.14 at 18.89 – change 0.74%

Occidental Petroleum (OXY) up 0.15 at 63.06 – change 0.23%

Phillips 66 (PSX) down 0.23 at 144.85 – change 0.16%

Tellurian Inc. (TELL) up 0.04 at 0.47 – change 11.32%

Valero (VLO) unchanged at 155.93 – change 0.00%

CLOSING TOP UTILITY STOCKS

American Electric Power (AEP) up 0.73 at 90.79 – change 0.80%

CenterPoint (CNP) up 0.02 at 29.68 – change 0.06%

Entergy (ETR) down 0.56 at 111.30 – change 0.50%