Weak US gasoline demand results in tumbling crude oil prices

After climbing 2% on Tuesday, crude oil prices dropped 1% Wednesday, thanks to continued anxiety over weak U.S. gasoline demand. Plus, there was economic data that might spur the Federal Reserve to keep interest rates higher for longer.

It also proved to be a weak trading day for Oklahoma energy stocks.

West Texas Intermediate crude dropped 60 cents or 0.8% to settle at $79.23 a barrel on the New York Mercantile Exchange.

Brent crude, the global benchmark, slipped 62 cents or 0.7% and finished at $83.60 a barrel on ICE Futures Europe.

June natural gas fell 10 cents to $2.49 per 1,000 cubic feet.

Wednesday turned into a day of losses for many Oklahoma energy stocks including PHX Minerals where it suffered a 5% drop for the day. Devon Energy fell 4%.

Turned out to be a tough day for other energy stocks too, according to the Texas Energy Report.

APA Corp. (Apache) (APA) down 0.66 at 29.17 – change 2.22%

Cheniere (LNG) down 2.31 at 153.87 – change 1.48%

Chevron (CVX) down 2.14 at 156.90 – change 1.35%

ConocoPhillips (COP) down 3.71 at 115.25 – change 3.12%

Diamondback Energy (FANG) down 2.74 at 195.02 – change 1.39%

Energy Transfer LP (ET) down 0.06 at 15.43 – change 0.39%

Enterprise Products Partners (EPD) down 0.04 at 28.05 – change 0.15%

EOG Resources (EOG) down 3.93 at 121.92 – change 3.13%

Exxon Mobil (XOM) down 1.23 at 113.63 – change 1.08%

Kinder Morgan (KMI) down 0.16 at 18.91 – change 0.84%

Marathon Oil Corp. (MRO) up 2.23 at 28.68 – change 8.43%

NOV Inc. (NOV) down 0.44 at 18.11 – change 2.38%

Occidental Petroleum (OXY) down 1.10 at 61.12 – change 1.76%

Phillips 66 (PSX) down 4.57 at 138.19 – change 3.21%

Tellurian Inc. (TELL) down 0.06 at 0.50 – change 10.31%

Valero (VLO) down 7.88 at 155.69 – change 4.82%

CLOSING TOP UTILITY STOCKS

American Electric Power (AEP) down 1.15 at 87.47 – change 1.30%

CenterPoint (CNP) down 0.16 at 29.38 – change 0.55%

Entergy (ETR) down 0.82 at 106.71 – change 0.77%