Crude plunged 3% in Wednesday’s trading and took Oklahoma energy stocks with it

Not only did crude oil prices plunge nearly 3% to a seven-week low on Wednesday, it took Oklahoma energy stocks on a downward spiral too.

Oil fell on an unexpected build in US crude stocks along with the Fed decision not to cut near-term interest rates which could have increased oil demand.

West Texas Intermediate crude dropped $2.93 or 3.6% to settle at $79 a barrel, the lowest close since March 12 in trading on the New York Mercantile Exchange.

Brent crude for July delivery tumbled $2.89 or 3.4% to finish at $83.44 a barrel on ICE Futures Europe. That level was nearly 5% below the Brent June contract when it closed on Tuesday.

June natural gas fell 6 cents to $1.93 per 1,000 cubic feet.

Wednesday was another rough day for Oklahoma energy stocks..most were in the loss column including LSB Industries with a 9% fall, Gulfport Energy finished 5% down and Chesapeake Energy at 4% down.

According to the Texas Energy Report, other energy stocks also recorded losses for the day.

APA Corp. (Apache) (APA) down 0.94 at 30.50 – change 2.99%

Cheniere (LNG) down 0.79 at 157.03 – change 0.51%

Chevron (CVX) down 1.64 at 159.63 – change 1.02%

ConocoPhillips (COP) down 1.28 at 124.34 – change 1.02%

Diamondback Energy (FANG) down 5.12 at 196.01 – change 2.55%

Energy Transfer LP (ET) down 0.25 at 15.48 – change 1.59%

Enterprise Products Partners (EPD) down 0.34 at 27.74 – change 1.22%

EOG Resources (EOG) down 2.19 at 129.94 – change 1.65%

Exxon Mobil (XOM) down 2.25 at 116.03 – change 1.90%

Kinder Morgan (KMI) down 0.05 at 18.23 – change 0.28%

Marathon Oil Corp. (MRO) down 0.75 at 26.10 – change 2.80%

NOV Inc. (NOV) down 0.11 at 18.38 – change 0.60%

Occidental Petroleum (OXY) down 1.69 at 64.45 – change 2.56%

Phillips 66 (PSX) down 3.00 at 140.21 – change 2.10%

Pioneer Natural Resources (PXD) down 1.66 at 267.66 – change 0.62%

Tellurian Inc. (TELL) up 0.01 at 0.44 – change 2.46%

Valero (VLO) down 4.21 at 155.66 – change 2.64%

CLOSING TOP UTILITY STOCKS

American Electric Power (AEP) up 2.12 at 88.15 – change 2.46%

CenterPoint (CNP) up 0.18 at 29.32 – change 0.61%

Entergy (ETR) up 1.44 at 106.98 – change 1.36%